ETH/USD is trading in the red after it hit a fresh all-time high at 54.97 on Thursday. It is currently at 50 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 47.48

Kijun-Sen: 35.26

The pair has formed a bullish flag pattern, with upside capped by 55.43 (200% extension of 5.92 and 30.67 rally). A consistent break above would see it testing 57.87(113% extension of 5.92 and 51.90)/60.

Also, a shooting star could be seen on the daily charts, suggesting downside momentum. In addition, bearish RSI divergence along with its rolling over from overbought zone, a bearish MACD crossover, and stochs in the overbought zone, suggest that we could see some bearishness in the pair.

The pair has broken below 50.79 (5-DMA) and taken support near 49.06 (10-DMA). A close below this level could see minor bearishness in the pair, dragging it till 42.62 (20-DMA)/ 37.60 (March 22 low).