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FxWirePro: ETH/USD upside capped by strong trend line resistance at 340, break below 20-DMA to see further downside

ETH/USD hit 345 levels on Monday before it closed at 320 levels. It is currently trading at 314 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 308.49

Kijun-Sen: 261.89

On the upside, the pair faces strong resistance at 325 (double top resistance) and a decisive break above would see the pair testing 340 (trend line joining 271.40 and 320)/347 (78.6% retracement of 404.98 and 134.78)/381 (June 18 high). Further strength would target 404 (June12 high)/440.

On the flip side, a break below 304 (5-DMA) would see it testing 288 (20-DMA)/244 (50-DMA). Further weakness would drag the pair to 228 (100-EMA)/ 207 (1w 20-SMA).

Momentum studies: On the daily chart, RSI is at 63, while stochs are biased lower. MACD is almost flat.

Call Update: We recommended going long in our previous call. The pair almost hit the second target.

Recommendation: Book partial profits. Break below 20-DMA to see further downside.

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