ETH/USD is trading in a close range today as it holds above 10-DMA. It is currently trading at 760 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 687.50

Kijun-Sen: 632.50

On the upside, a decisive break above 787 (78.6% retracement of 863 and 512) would see the pair testing 800/863 (December 19 high). Further strength would target 891 (Upper Bollinger)/908.

On the downside, support is seen at 740 (10-DMA) and a break below would drag the pair to 706 (23.6% retracement of 201.28 and 863)/665 (20-DMA). Further weakness would target 610/570 (4h 200-SMA).

Momentum studies: On the daily chart, RSI and stochs are biased higher while the MACD line is below the signal line. Overall bias is bullish as long as 20-DMA support holds.

Recommendation: Good to go long on break above 787. SL: 650. TP: 800/863/900.

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