ETH/USD is trading lower on Friday and is trading in the red at 655 levels (at press time) before falling to 612 levels earlier in the day (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 570.48

Kijun-Sen: 542.23

The pair’s upside is capped by 663 (2h 10-SMA) and a break above would see it testing 679 (1h 50-SMA)/700. Further strength would target 723 (161.8% extension 134.78 and 498.90)/738 (December 14 high)/ 756 (113% extension of 430 and 718.97)/796 (200% extension of 201.28 and 489.90).

On the downside, support is seen at 629 (5-DMA) and a break below would target 604 (1h 100-SMA)/568 (2h 90-EMA). Further weakness would drag the pair to 530 (10-DMA)/493 (20-DMA).

Momentum studies: On the daily chart, RSI is at 72 and MACD line is above the signal line. However, stochs are on the verge of a rollover from the overbought levels. Intraday bias appears weak.

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