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FxWirePro: ETH/USD trades in narrow range, bias neutral

ETH/USD is trading in a narrow range on Thursday between 46 and 49 levels it is currently trading at 48 levels at press time (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 46.84

Kijun-Sen: 47.99

The pair is facing strong resistance at 50.00 and only a close above would see further bullishness, targeting 51.90 (March 17 high)/54.97 (March 30 high).

Momentum studies appear neutral and traders are preferred to wait for a confirmed signal on daily charts.

Support is seen at 46.55 (20-DMA) and a close below would drag it to 43.32 (23.6% retracement of 15.56 and 51.90)/41 (23.6% retracement of 5.92 and 51.90 rally).

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