ETH/USD failed to hold above 50-DMA and is now trading in the red at 289 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 281.55

Kijun-Sen: 277.79

On the upside, a consistent break above 308 (50-DMA) would see the pair testing 321 (61.8% retracement of 395 and 201.28)/345 (Cloud top). Further strength would target 395 (September 01 high)/404.99 (June 12 high).

On the flip side, the pair has found support near 280 (20-DMA) and any violation would see it testing 269 (100-EMA)/234 (61.8% retracement of 134.78 and 395). Further weakness would drag it to 216 (trend line joining of 134.78 and 201.28/199 (200-DMA)/ 177 (July 29 low).

Momentum studies: On the daily chart, RSI has fallen below 50, while MACD line is above the signal line and 5-DMA is biased higher.

Recommendation: Watch out for a break below 264 (cloud bottom) for signs of weakness.

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