ETH/USD failed to hold above 20-DMA on Wednesday and closed at 193 levels. It is currently trading at 209 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 196.23

Kijun-Sen: 224.82

On the upside, a close above 221.81 (20-DMA) would see the pair testing 248 (trend line joining 417 and 257.85)/268 (50-DMA). Further strength would see the pair testing 303 (trend line joining 107.06 and 216.51)/ 315 (June 28 high)/356 (78.6% retracement of 417 and 134.62).

On the downside, support is seen at 191.96 (100-EMA) and any violation would drag it to 180 (100-DMA)/134 (July 17 low). Further weakness would see the pair testing 101 (200-DMA)/66 (113% retracement of 107.06 and 417).

Momentum studies: On the daily chart, MACD appears to be on the verge of a bullish crossover and stochs are biased higher. However, RSI is below 50 at 45.

Recommendation: Wait for a clear directional bias.

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