ETH/USD is trading in a tight range on Thursday between 41 and 42 levels. It is currently trading at 41 levels at press time (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 39.15

Kijun Sen: 32.45

On the upside, the pair is hovering around 7-DMA and faces strong resistance at 45.97 levels (161.8% extension of 5.92 and 30.67 rally) and a break above would see it testing 51.90 (March 17 high)/55.43.

Overall bias is bullish for the pair as long as the 10-DMA support holds. A break below 37.97 (10-DMA) would see a dip till 34.33 (38.2% retracement of 5.92 and 51.90)/30.30 (March 18 low).