ETH/USD broke above Ichimoku Cloud and hit 271 levels on August 6th. It is currently trading at 265 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 229.81

Kijun-Sen: 203.81

On the upside, resistance is seen at 274 (50% retracement of 412.21 and 136.12) and a break above would target 306/353. Further strength would see it testing 377 (June 18 high)/412 (June 12 high).

On the reverse side, support is seen at 242 (50-DMA) and a break below would drag it to 213 (100-DMA)/179 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/121 (200-DMA).

Momentum studies: Bias appears bullish on the daily chart with MACD line above the signal line, RSI strong at 60, and rolling over of stochs to overbought zone. Moreover, 5- and 20-20-DMAs are also biased higher.

On the weekly chart, RSI and stochs are biased higher, while MACD line is below the signal line.

Recommendation: Good to go long on dips around 255/265. SL: 210. TP: 306/353.

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