ETH/USD is trading higher on Thursday after it restored its strength to above 300 levels. It is currently trading at 310 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 296.03

Kijun-Sen: 248.36

On the upside, the pair has broken above strong trend line resistance joining 404.98 and 316.92 and now targets 325 (double top resistance). A consistent break above would see it testing 347 (78.6% retracement of 404.98 and 134.78)/381 (June 18 high)/404 (June 12 high).

On the flip side, support is seen at 282 (trend line joining 177.80 and 271) and a break below would see it testing 265 (20-DMA)/242 (50-DMA). Further weakness would drag it to 236 (100-DMA)/ 194 (1w 20-SMA).

Momentum studies: Bias appears bullish on the daily chart with RSI strong at 64, MACD line above the signal line, and the pair breaching trend line resistance. A break above 325 levels coupled with a rollover of RSI to overbought levels would confirm further upside.

Recommendation: Good to go long on break above 325. SL: 275. TP: 347/381.

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