ETH/USD is trading lower on Wednesday as it broke below 10-DMA. It is currently trading at 450 levels at press time (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 450.75

Kijun-Sen: 396.95

On the upside, resistance is seen at 458 (5-DMA) and a break above would see the pair testing 483 (trend line joining 395 and 498)/500. Further strength would target 519 (Upper Bollinger)/ 536 (113% extension of 201.28 and 498)/ 578.

On the flipside, support is likely to be found at 434 (2h 200-SMA) and any violation would drag it to 424 (20-DMA)/402 (November 30 low). Further weakness would see it testing 384 (38.2% retracement of 201.28 and 498)/352 (50-DMA).

Momentum studies: On the daily chart, bias appears to be weakening as the pair broke below 10-DMA. RSI is at 62 with lower bias, MACD line is below the signal line, and stochs are also showing a turn from near overbought levels.

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