ETH/USD is continuing its rangebound trading on Tuesday as it struggles for a consistent break above 10-DMA. It is currently trading at 355 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 352.50

Kijun-Sen: 262.03

The pair is facing stiff resistance at 367.72 (61.8% retracement of 417 and 288) and a close above would target 389/417 (June 12 high)/433.

On the downside, immediate support is seen at 343 (23.6% retracement of 107.06 and 417) and any violation would drag the pair to 302.31 (20-DMA)/ 288 (June 15 low). Further weakness would see it testing 262 /225.

Momentum studies: On the daily chart, RSI is strong at 73. However, a bearish MACD crossover could be seen on the daily chart.

Bias appears neutral in the hourly charts as the pair is trading in a choppy range for the past couple of sessions.

Recommendation: Bias appears neutral at the moment. Traders are preferred to wait for a confirmed signal on daily charts.