ETH/USD is trading in a narrow range on Friday and hovering around 5-DMA at 326 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 315.35

Kijun-Sen: 307.35

On the upside, resistance is seen at 337 (trend line joining 349.50 and 338.70) and a break above would see it testing 345 (August 21 high)/369 (127.2% retracement 349.50 and 277.70). Further strength would target 385 (trend line joining 404.99 and 395)/395 (September 01 high).

On the downside, immediate support is seen at 317 (10-DMA) and any violation would see the pair testing 300 (trend line joining 201 and 277)/277 (November 2 low). Further weakness would drag the pair to 263 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart, RSI is at 57 and MACD line is above the signal line. Watch out for a break above the trend line joining 349.50 and 338.70 for further upside in the pair.

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