ETH/USD turned green after it hit a low of 217 levels on Tuesday and closed at 284 levels. It is currently hovering around 5-DMA at 284 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 289.25

Kijun-Sen: 314.50

On the topside, a close above 280 (5-DMA) would see the pair testing 302 (1h 200-SMA)/326 (20-DMA). Further strength would target 340 (61.8% retracement of 417 and 216.51)/371 (June 18 high).

On the downside, a break below 271 (1h 90-EMA) would see the pair testing 226 (50-DMA)/216 (June 26 low). Further weakness would drag it to 184 (90-EMA)/ 141 (100-DMA).

Momentum studies: On the daily chart, MACD line is below the signal line and RSI is holding at 48. Further bullishness could be seen only if the pair breaks above 1h 200-SMA. If this resistance holds, we could see some bearishness in the pair.

Recommendation: Wait for clear directional bias.

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