ETH/USD broke above the trend line joining 349.50 and 338.70 and hit 364 levels on November 19. It is currently trading at 356 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 329.95

Kijun-Sen: 321.30

On the upside, a consistent break above 359 (113% retracement of 349.50 and 276) would see the pair testing 364 (November 19 high)/385 (trend line joining 404.99 and 395). Further 395 (September 01 high)/404 (June 12 high).

On the downside, immediate support is seen at 341 (5-DMA) and any violation would see the pair testing 330 (10-DMA)/314 (20-DMA). Further weakness would drag it to 305 (trend line joining 201 and 277)/277 (November 2 low)/ 267 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart, with RSI strong at 66, MACD line above the signal line, and major moving averages biased higher.

Recommendation: Good to go long on dips around 354. SL: 310. TP: 385/395.

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