ETH/USD is continuing rangebound trade on Thursday as it struggles for a decisive break above 325 levels. It is currently trading at 322 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 313.44

Kijun-Sen: 268.09

On the upside, a consistent break above 325 would see the pair testing 347 (78.6% retracement of 404.98 and 134.78)/352 (trend line joining 271.40 and 345.99). Further strength would target 381 (June 18 high)/404 (June12 high)/440.

On the flip side, a break below 314 (5-DMA) would see it testing 297 (20-DMA)/246 (50-DMA). Further weakness would drag the pair to 232 (100-EMA)/ 207 (1w 20-SMA).

Overall bias appears is bullish on the daily chart and a decisive break above 325 levels, coupled with a rollover of RSI to overbought levels would see further bullishness in the pair.

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