ETH/USD is trading in a close range on Monday as it consolidates it break above the trend line joining 395 and 300. It is currently trading at 290 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 270.72

Kijun-Sen: 298.14

On the upside, resistance is seen at 307 (50-DMA) and a break above would target 323 (Cloud top)/353 (78.6% retracement of 395 and 201.28). Further strength would see it testing 395 (September 01 high)/404.99 (September 12 high).

On the flip side, support is seen at 276 (100-DMA) and a break below would target 262 (Cloud bottom)/ 234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 212 (trend line joining of 134.78 and 201.28)/ 194 (200-DMA).

Momentum studies: On the daily chart, stochs are based higher, while RSI is at 49. The pair is struggling for a consistent break above the 300 mark.

However, on the weekly chart, the pair is hovering around 10-DMA, MACD line is below the signal line, stochs are biased lower, while RSI is at 58.

Recommendation: Wait for clear directional bias.

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