ETH/USD is trading in the red after it surged to fresh all-time high at 1594 levels on January 13. It is currently trading at 1320 levels at the time of writing (Coinbase).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 1272.64

Kijun-Sen: 1053.44

The pair is struggling for a close above 1400 levels and a decisive break above would target 1452 (61.8% retracement of 1594.89 and 1221)/1466 (Upper Bollinger)/1514. Further strength would see it testing 1594 (January 13 high)/1643.

On the downside, support is seen at 1277 (7-DMA) and a break below would see it testing 1200 (10-DMA)/1181 (38.2% retracement of 512 and 1594.89). Further weakness would drag it to 1111 (January 11 low)/1053/994 (20-DMA).

Momentum studies: On the daily chart, RSI is strong at 74, MACD line is above the signal line, the pair is holding above 7-DMA, and major moving averages are biased higher. Overall bias is bullish as long as 10-DMA support holds.

Recommendation: Wait for clear directional bias.

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