ETH/USD is trading in a narrow range on Tuesday as it faces strong resistance at trend line joining 395 and 470. It is currently trading at 466 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 410.25

Kijun-Sen: 379.15

On the upside, the pair faces resistance at 472 (trend line joining 395 and 470) and a consistent break above would see the pair testing 491 (Upper Bollinger)/500. Further strength would target 538 (272.2% extension of 201.28 and 349.50).

On the flipside, the pair is currently hovering around 465 (5-DMA) and a break below would see it testing 457 (1h 100-SMA)/419 (10-DMA). Further weakness would target 383 (trend line joining 404.99 and 395)/370 (20-DMA).

Momentum studies: Overall bias remains bullish with no sign of reversal on the daily chart – major moving averages are biased higher and MACD line is above the signal line. However, caution is advised as RSI and stochs are at overbought levels.

The pair is likely to find strong support at 457 (1h 100-SMA) and a break below will see minor bearishness in the pair.

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