ETH/USD is trading higher on Friday and has hit a fresh high at 1009 levels so far in the day and is currently hovering around these levels (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 842.45

Kijun-Sen: 719.93

On the upside, the pair now faces resistance at 1042 (127.2% extension of 201.28 and 863) and a break above would see it testing 1079 (161.8% retracement of 863 and 512)/1100.

On the downside, support is seen at 960 (4h 10-SMA) and a break below would see it testing 900 (5-DMA)/877 (1h 100-SMA). Further weakness would drag it to 815 (10-DMA)/775 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart with no sign of reversal. RSI is biased higher at 77, MACD line above the signal line, and major moving averages biased higher. However, caution is advised as stochs are at overbought levels. Bias is bullish on the hourly charts as well.

Call Update: We recommended staying long in our previous call. The pair has hit both the targets.

Recommendation: Book partial profits, stay long. Trail SL to 900. TP: 1042/1079.

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