ETH/USD surged to fresh all-time highs at near 420 levels on Thursday before it closed at 408 levels. It is currently trading at 410 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 367.78

Kijun-Sen: 348.84

On the upside, a consistent break above 422 (trend line joining 349.50 and 419.98) would see the pair testing 447 (127.2% retracement of 395 and 201.28)/479 (127.2% extension of 201.28 and 419.98)/500.

On the downside, support is seen at 384 (5-DMA) and a break below would see the pair testing 360 (10-DMA)/334 (20-DMA). Further weakness would target 311 (trend line joining 201 and 277)/303 (Cloud top)/ 273 (200-DMA).

Momentum studies: Bias remains bullish on the daily chart, with RSI strong at 76, MACD line above the signal line, and major moving averages biased sharply higher.

Call Update: We recommended going long in our previous call. The pair has hit both the targets.

Recommendation: Book partial profits, stay long. Trail stop loss to 380. TP: 447/479.

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