ETH/USD is continuing rangebound trading on Monday and is trading at 193 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 206.76

Kijun-Sen: 204.56

On the upside, the pair faces strong resistance at 200 (100-DMA) and a break above would see it testing 225 (4h 200-SMA)/259 (50-DMA). Further strength would target 306 (61.8% retracement of 412.21 and 136.12)/ 353/377 (June 18 high).

On the reverse side, the pair is likely to find support at 175 (78.6% retracement of 110.42 and 412.21) and a break below would target 165 (1w 20-SMA)/136 (July 16 low). Further weakness would drag it to 113 (200-DMA)/73 (trend line joining 265 and 136).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 43, stochs biased lower, almost flat MACD.

Call update: We recommended going short in our previous call. The call is progressing well.

Recommendation: Stay short as bias is still lower. SL: 252. TP: 158/136.

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