ETH/USD traded higher and broke above the 300 mark on Wednesday. It has hit 316 levels so far in the day and is currently trading at 303 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 258.40

Kijun-Sen: 226.06

On the upside, a consistent break above 320 (double top resistance) would see the pair testing 353/377 (June 18 high). Further strength would see it testing 412 (June 12 high)/448.

On the reverse side, support is seen at 277 (5-DMA) and any violation would drag it to 240 (50-DMA)/217 (100-DMA)/181 (1w 20-SMA). Further weakness would drag it to 136 (July 16 low)/124 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart with MACD line above the signal line and RSI strong at 67. However, Stochs are in the overbought zone.

We could see some consolidation around current levels driven by double top formation. A consistent break above 320 levels, along with confirmations from other indicators, would see further upside in the pair.

Call Update: We had recommended staying long in our previous call. The first target has been hit, book partial profits.

Recommendation: We recommend a fresh call to go long on decisive break above 320. SL: 268. TP: 353.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest