ETH/USD is trading lower on Thursday as it broke below 600 levels. It is currently trading at 562 levels at the time of writing (Coinbase).
On the upside, resistance is now seen at 586 (1h 20-SMA) and a break above would target 620 (50-DMA)/651 (100-DMA). Further strength would see it soaring to 695 (200-DMA).
On the downside, the pair is likely to find support at 539 (61.8% retracement of 360 and 828.97) and a break below would test 527 (1w 50-SMA)/500. Further weakness would target 460.
Momentum studies: Bias remains weak on the daily chart as the pair broke below cloud, RSI is weak at 34, MACD line is below the signal line, and stochs rolling over to the oversold zone. Intraday bias is also bearish.
Call Update: We recommended staying short in our previous call. Both the targets have been hit.
Recommendation: Book partial profits, stay short. Trail SL to 650. TP: 540/520/500.
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