FxWirePro: ETH/USD breaks below 700, bias bearish, stay short
ETH/USD continued downtrend on Friday and has broken below 700 levels. It is currently trading at 675 levels at press time (Kraken). On the upside, resistance is seen at 702 (1h 20-SMA) and a break above would see it tes…
ETH/USD continued downtrend on Friday and has broken below 700 levels. It is currently trading at 675 levels at press time (Kraken).
On the upside, resistance is seen at 702 (1h 20-SMA) and a break above would see it testing 726 (2h 20-SMA)/771 (4h 20-SMA). Further strength would target 801 (23.6% retracement of 1594.89 and 556)/842 (100-DMA)/900.
On the downside, support is seen at 647 (78.6% retracement of 556 and 983.85) and a break below would target 622 (February 05 low)/ 600. Further weakness would drag it to 581 (200-DMA)/556 (February 06 low).
Momentum studies: Bias remains bearish on the daily chart with RSI weak at 31, bearish MACD crossover and stochs in the oversold zone. Intraday bias is also bearish.
Call Update: We recommended staying short in our previous call. TP1 and TP2 have been hit.
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