ETH/USD has broken above the trend line joining 395 and 330 and is currently trading at 331 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 312.14

Kijun-Sen: 306.50

On the upside, the pair now faces resistance at 349 (October 16 high) and a consistent break above would see it testing 369 (127.2% retracement 349.50 and 277.70)/385 (trend line joining 404.99 and 395). Further strength would target 395 (September 01 high)/ 404 (June 12 high).

On the downside side, support is seen at 312 (5-DMA) and a break below would target 296 (trend line joining 201 and 277)/277 (November 2 low). Further weakness would drag it to 259 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart with RSI strong at 59, MACD line above the signal line, and stochs biased higher.

Call Update: We recommended going long on break above 326. Our previous call is approaching is TP1.

Recommendation: Hold for targets.

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