ETH/USD is consolidating in a narrow range and trading slightly higher on Tuesday. It is trading at 275 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 232.56

Kijun-Sen: 206.56

On the upside, a close above 274 (50% retracement of 412.21 and 136.12) would see the pair testing 306/353. Further strength would see it testing 377 (June 18 high)/412 (June 12 high).

On the reverse side, support is seen at 241 (50-DMA) and a break below would drag it to 215 (100-DMA)/180 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/123 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart with MACD line above the signal line and RSI strong at 62. Stochs are in the overbought zone.

Call Update: We had recommended going long in our previous call. The call is progressing well.

Recommendation: Bias higher, stay long. SL: 210. TP: 306/353.

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