ETH/USD is facing strong resistance at 300 levels and is currently trading at 292 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 275.77

Kijun-Sen: 298.14

On the upside, a consistent break above 300 levels would see the pair testing 308 (50-DMA)/321 (61.8% retracement of 395 and 201.28)/353. Further strength would see it testing 395 (September 01 high)/404.99 (June 12 high).

On the flip side, support is seen at 276 (100-DMA) and a break below would target 234 (61.8% retracement of 134.78 and 395)/213 (trend line joining of 134.78 and 201.28). Further weakness would drag it to 195 (200-DMA)/ 177 (July 29 low).

Momentum studies: On the daily chart, RSI is at 50, MACD line is above the signal line, and stochs are on the verge of a rollover to the overbought zone.

On the weekly chart, 5-SMA and stochs are biased lower, and MACD line is below the signal line. However, RSI is strong at 58.

Recommendation: Wait for clear directional bias.

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