ETH/USD is trading in a narrow range as it struggles to close above the 50.00 mark. It is currently trading at 48.31 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 46.53

Kijun-Sen: 47.48

On the upside, a close above 50.00 levels (psychological) would see the pair testing 51.90 (March 17 high)/53.15 (upper Bollinger)/54.97 (March 30 high).

The narrowing of the Bollinger bands suggests a possibility for a change in trend. RSI is holding above 50 and the pair is holding above 20-DMA. Overall bias appears neutral and we could see some consolidation around current levels.

Support is seen at 46.97 (20-DMA) and any violation would drag it to 43.32 (23.6% retracement of 15.56 and 51.90)/41 (23.6% retracement of 5.92 and 51.90 rally)/ 37.60 (March 22 low).