ETH/USD is trading just shy of Ichimoku cloud at 587 levels at the time of writing (Coinbase).

On the upside, a break above 594 (Cloud bottom) would see the pair testing 634 (20-DMA)/646 (50-DMA). Further strength would target 673 (Cloud top)/690 (trend line joining 1419.96 and 828.97).

On the downside, support is likely to be found at 568 (1h 50-SMA) and any violation would test 532 (1w 50-SMA)/499 (Lower Bollinger). Further weakness would target 460 (78.6% retracement of 360 and 828.97).

Momentum studies: On the daily chart, RSI is at 44 and MACD line is below the signal line, while stochs have rolled over from the oversold levels. Intraday bias appears bullish.

Traders are preferred to wait for a clear directional bias. Watch out for the pair’s entry into the cloud for minor bullishness.

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