ETH/USD is trading lower on Wednesday as it broke below 200-DMA. It is currently trading at 620 levels at the time of writing (Coinbase).
On the upside, the pair faces resistance at 655 (100-DMA) and a break above would test 694 (200-DMA)/715 (20-DMA). Further strength would target 740 (trend line joining 1419.98 and 828.97).
On the downside, the pair is trying to hold above 617 (50-DMA) and a decisive break below would drag it further down to 592 (Cloud top)/576 (Cloud bottom). Further weakness would see it testing 529 (1w 50-SMA).
Momentum studies: Bias remains weak on the daily chart as the pair broke below 200-DMA, RSI is weak at 41, MACD line is below the signal line, and stochs are on the verge of a rollover to the oversold zone. Intraday bias is also bearish.
Call Update: We recommended going short in our previous call. Both the targets have been hit.
Recommendation: Bias bearish, stay short. Good to go short on decisive break below 50-DMA.
Trail SL to 700. TP: 600/575.
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