ETH/USD broke below the 300 mark and hit 285 levels on September 10, 2017. It is currently trading at 291 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 326.65

Kijun-Sen: 338.15

On the upside, resistance is seen at 309 (5-DMA) and a break above would see the pair testing 322 (10-DMA)/338 (20-DMA). Further strength would target 351 (61.8% retracement of 395 and 281)/ 370/ 395(September 01 high)/422 (trend line joining 271.40 and 395).

On the flip side, the pair has broken below the trend line support joining 134.78 and 281.30. Support is now seen at 282 (100-DMA) and a break below would target 264 (100-EMA)/247 (1w 20-SMA)/234 (61.8% retracement of 134.78 and 395)/190/176 (200-DMA).

Momentum studies have turned bearish with MACD line below the signal line, stochs on the verge of a rollover to the oversold zone, and RSI at 41.

Recommendation: Good to go short on break below 280. SL: 340. TP: 264/234.

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