ETH/USD continues to consolidate in a narrow range inside the Ichimoku cloud and trading at 600 levels at the time of writing (Coinbase).

On the upside, a close above 607 (100-DMA) would see the pair testing 626 (55-EMA)/658 (convergence of 50-DMA and trend line joining 1419.96 and 828.97). Further strength would target 699 (Cloud top)/714 (200-DMA).

On the flipside, the pair continues to hold cloud support at 594 levels and a break below would test 581 (3h 100-SMA)/539 (1w 50-SMA). Further weakness would drag it to 500/460 (78.6% retracement of 360 and 828.97).

Momentum studies: Bias remains neutral on the daily chart as the pair extends consolidation inside Ichimoku cloud.

Bias appears bearish on the weekly chart with MACD line below the signal line and RSI below 50. 50-SMA is a major support and any violation would confirm further downside in the pair.

Recommendation: Wait for clear directional bias.

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