ETH/USD continues to hover around 300 levels on Friday as it faces strong double top resistance at 318 levels (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 266.53

Kijun-Sen: 235.50

On the upside, a consistent break above 306 (61.8% retracement of 412.21 and 136.12) would see the pair testing double top resistance at 318 (June 28 high). Further strength would target 353/377 (June 18 high)/ 412 (June 12 high)/448.

On the reverse side, support is seen at 291 (5-DMA) and any violation would drag it to 263 (10-DMA)/ 239 (50-DMA)/221 (100-DMA)/181 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/127 (200-DMA).

Momentum studies: Overall bias remains bullish on the daily chart. A decisive break above the double top resistance coupled with a rollover of RSI to the overbought zone would confirm further bullishness in the pair.

Recommendation: Good to go long on a decisive break above 320. SL: 268. TP: 353.

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