ETH/USD is struggling for a consistent break above 20-DMA and is currently trading at 214 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 196.23

Kijun-Sen: 224.82

On the upside, a close above 219 (20-DMA) would see the pair testing 246 (convergence of cloud bottom and trend line joining 417 and 257.85)/268 (50-DMA). Further strength would see the pair testing 307 (trend line joining 107.06 and 216.51)/356 (78.6% retracement of 417 and 134.62).

On the downside, support is seen at 192 (100-EMA) and any violation would drag it to 182 (100-DMA)/134 (July 17 low). Further weakness would see the pair testing 102 (200-DMA)/66 (113% retracement of 107.06 and 417).

Momentum studies: A bullish MACD crossover could be seen on the daily chart, while RSI is holding below 50. There are multiple rejections at 20-DMA. Moreover, the current dragonfly doji formation suggest indecisiveness in the market.

In the weekly chart, RSI is strong at 59, while stochs are biased lower. 5-DMA is biased lower and the pair is trading well below this level.

Recommendation: Wait for a clear directional bias.

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