ETH/USD is trading in a tight range on Thursday after it hit a fresh all-time high at 947 levels on January 03, 2017. It is currently trading at 941 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart):
Tenkan-Sen: 811.49
Kijun-Sen: 688.18
On the upside, a consistent break above 959 (113% extension of 201.28 and 863) would see the pair testing 958 (127.2% retracement of 863 and 512)/1000. Further strength would target 1042/1079.
On the downside, support is seen at 903 (4h 10-SMA) and a break below would see it testing 886 (1h 50-SMA)/854 (4h 20-SMA). Further weakness would drag it to 812 (7-DMA)/789 (10-DMA)/759 (20-DMA).
Momentum studies: Bias remains bullish on the daily chart with RSI strong at 74, MACD line above the signal line, and major moving averages biased higher. However, caution is advised as stochs are at extremely overbought levels.
We could see some consolidation around current levels, however, overall bias remains bullish.
Call Update: We recommended going long in our previous call. The pair has hit TP1.
Recommendation: Stay long. Trail SL to 880. TP: 958/1000.
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