ETH/USD moved further south on Tuesday and has hit a low of 175 levels so far in the day. It is currently trading at 193 levels at the time of writing (BTC-e).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 227.87

Kijun-Sen: 273.68

On the upside, the pair faces resistance at 223.76 (5-DMA) and a break above would target 243.97 (10-DMA)/266 (convergence of 50-DMA and 20-DMA). Further strength would see it testing 295 (Cloud top)/ 315 (June 28 high).

On the downside, the pair is trading just above 195 (100-EMA) at the time of writing. Decisive break below would target 167 (100-MA)/139 (1w 20-SMA). Further weakness would see it testing 107 (May 27 low).

Momentum studies: Overall trend remains extremely bearish as MACD line is below the signal line and RSI is weak at 31 on the daily chart. Stochs are in the oversold zone. The pair has also broken below the Ichimoku cloud.

Call Update: We recommended staying short in our previous call. Both the targets have been hit.

Recommendation: Stay short. Lower the trailing stop to 244. TP: 167/139.

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