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FxWirePro: ETH/USD trades in narrow range, break below trend line support targets 250

ETH/USD continues to trade in a narrow range on Monday as it hovers around 300 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 293.85

Kijun-Sen: 312.75

On the upside, immediate resistance is seen at 305 (4h 200-SMA) and a break above would target 326 (trend line joining 395 and 349.50)/ 349 (October 16 high). Further strength would see it testing 395 (September 01 high).

On the downside side, support is seen at 284 (trend line joining 201 and 277) and a break below would see it testing 257 (61.8% retracement of 201.28 and 349.50)/250 (200-DMA)/234.

Momentum studies: Overall bias appears neutral as the pair continues rangebound trade. Traders are preferred to wait for a confirmed signal on the daily charts.

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