ETH/USD surged to a fresh all-time high at 1366 levels earlier in the day and is hovering around 1300 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 1061.83

Kijun-Sen: 939.33

On the upside, a consistent break above 1330 (161.8% retracement of 1191 and 966.01) would see the pair testing 1359 (241.4% retracement of 863 and 512)/1430. Further strength would see target 1418 (113% extension of 966.01 and 1366.66)/1477/1500.

On the downside, support is seen at 1266 (1h 20-SMA) and a break below would see the pair testing 1221 (2h 20-SMA)/1195 (1h 50-SMA). Further weakness would drag it to 1163 (5-DMA)/1122 (2h 50-SMA)/1076 (3h 50-SMA)/1026 (10-DMA).

Momentum studies: Bias remains bullish on the daily chart with no major sign of reversal. Caution is advised as stochs and RSI are at overbought levels.

On the 1h chart, stochs are biased sharply lower and MACD is on the verge of a bearish crossover. However, the pair is holding 20-SMA support and any dips could be seen as a buying opportunity.

Call Update: We recommended going long in our previous call. The pair has hit all the targets.

Recommendation: Good to go long on dips around 1250/1300. SL: 1100. TP: 1359/1430.

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