ETH/USD failed to hold above 5-DMA and closed at 202 levels on Thursday. It is currently trading at 197 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 223

Kijun-Sen: 268.94

On the upside, a close above 202 (5-DMA) would see the pair testing 224 (10-DMA)/249 (20-DMA)/267 (50-DMA). Further strength would see it testing 282 (trend line joining 107.06 and 216.51)/302 (Cloud top)/ 315 (June 28 high).

On the downside, the pair is trading just above 192 (100-EMA) and a consistent break below would target 172 (100-MA)/139 (1w 20-SMA). Further weakness would see it testing 107 (May 27 low).

Momentum studies: Overall trend remains bearish as MACD line is below the signal line and RSI is weak at 36 on the daily chart. Bias remains weak on weekly as well as intraday charts.

Call Update: We recommended staying short in our call on July 11.

Recommendation: Hold for targets. SL: 244. TP: 170/139.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest