ETH/USD failed to hold its strength above 300 levels on Tuesday and closed at 298 levels. It is currently trading at 297 levels at the time of writing (Bitstamp).

Ichimoku analysis of daily chart:

Tenkan Sen: 305

Kijun Sen: 312.75

On the upside, the pair faces strong resistance at 305 levels (10-DMA) and a break above would see it testing 321 (61.8% retracement of 349.50 and 276)/349 (October 16 high). Further strength would target 388 (trend line joining 404.99 and 395)/404.99 (June 12 high).

On the flipside, support is seen at 289 (100-DMA) and a break below would target 279 (Cloud bottom)/257 (61.8% retracement of 201.28 and 349.50). Further weakness would drag it to 244 (trend line joining 134.78 and 201.28)/234 (200-DMA).

Momentum studies: Bias appears bearish on the daily chart with RSI weak at 46, MACD line below the signal line. However, stochs appear to be the verge of a rollover from the oversold zone. The pair’s upside is being capped by 10-DMA and watch out for a close below 100-DMA for further bearishness.

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