ETH/USD is rangebound on Tuesday as it faces strong resistance at 193 (10-DMA). It is currently trading at 183 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 185.66

Kijun-Sen: 232.21

On the upside, the pair faces immediate resistance at 193 (10-DMA) and a break above would target 228 (20-DMA)/268 (50-DMA). Further strength would see it testing 295 (trend line joining 107.06 and 216.51)/309 (Cloud top).

On the downside, support is seen at 177 (100-DMA) and any violation would drag it to 134 (July 17 low)/ 107 (May 27 low). Further weakness would see the pair testing 99 (200-DMA)/66 (113% retracement of 107.06 and 417).

Momentum studies: On the daily chart, MACD and RSI suggest bearish bias, while stochs are biased slightly higher.

Recommendation: Wait for a clear directional bias.

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