ETH/USD is trading in a narrow range on Wednesday as it strong resistance at 127.2% retracement of 349.50 and 276. It is currently trading at 366.50 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 343.04

Kijun-Sen: 321.30

On the upside, resistance is seen at 369 (127.2% retracement of 349.50 and 276) and a break above would see the pair testing 384 (trend line joining 404.99 and 395)/ 395 (September 01 high). Further strength would target 404 (June 12 high).

On the downside, immediate support is seen at 358 (5-DMA) and any violation would see the pair testing 342 (10-DMA)/323 (20-DMA). Further weakness would drag it to 308 (trend line joining 201 and 277)/277 (November 2 low)/ 269 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart, with RSI strong at 67, MACD line above the signal line, and major moving averages biased higher.

Call Update: We recommended going long in our previous call. The call is progressing well.

Recommendation: Hold for TP1.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest