ETH/USD hit a fresh high of 53.97 on Wednesday and is currently at 52 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 45.25

Kijun-Sen: 34.23

The pair has formed a bullish flag pattern and is consolidating in a close range. A break above major resistance at 55.43 (200% extension of 5.92 and 30.67 rally) would confirm further bullish run, targeting 57.77(127.2% retracement of 51.90 and 30.30)/60.

Overall bias is bullish as the pair is holding successfully above 7 and higher DMAs. Also, RSI(14) is strong at 73.

The pair has taken support near 47.84 (7-DMA), and a break below would see a dip till 46.16 (10-DMA). Further weakness would drag the pair to 43.32 (23.6% retracement of 15.56 and 51.90)/37.74 (20-DMA).