ETH/USD continues trading in a narrow range on Thursday as its upside is capped by 10-DMA. It is currently trading at 265 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 281.39

Kijun-Sen: 316.75

On the upside, a decisive break above 273 (10-DMA) would see the pair targeting 296 (20-DMA)/ 340 (61.8% retracement of 417 and 216.51). Further strength would target 371 (June 18 high)/417 (June 12 high).

On the downside, the pair has found near 253 (trend line joining 107.06 and 261.51) and any violation would drag it to 225 (61.8% retracement of 107.06 and 417)/ 216.51 (June 26 low). Further weakness would target 188 (100-EMA)/158 (100-MA).

Momentum studies: The trend remains bearish on the daily chart with RSI holding below 50 at 45 and MACD line below the signal line.

On the weekly chart, RSI continues to hold above 70 and MACD line is above the signal line. However, stochs have rolled over from the overbought levels and suggest weaker bias.

A break below trend line support will see further downside in the pair.

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