ETH/USD failed to close above 10-DMA and is trading deep in the red on Wednesday. It is currently trading at 328 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 341.50

Kijun-Sen: 262.03

The pair is facing stiff resistance at 355.65 (10-DMA) and a break above would see it testing 367.72 (61.8% retracement of 417 and 288)/389. Further strength would target 417 (June 12 high)/433.

On the downside, immediate support is seen at 316 (2h 200-SMA) and a decisive break below would see further bearishness in the pair. It would then target 307 (20-DMA)/ 288 (June 15 low). Further weakness would see it testing 262 (50% retracement of 107.06 and 417)/225.

Momentum studies: On the daily chart, RSI has rolled over from the overbought zone and stochs suggest weaker bias. These, along with a bearish MACD crossover, suggest overall bearish bias in the pair.

Recommendation: Good to go short around 333. SL: 355. TP: 288/262.