ETH/USD continued its downtrend on Friday and dropped to near 400 levels. It is currently trading at 415 levels at the time of writing (Coinbase).

On the upside, resistance is seen at 442 (7-DMA) and a break above would see it testing 461 (10-DMA)/485 (20-DMA). Further strength would see it testing 500/528 (4h 200-SMA).

On the downside, the pair has breached the trend line support joining 202.25 and 360 and a break below 400 levels would further drag the pair to 368 (113% extension of 828.97 and 547.40)/349 (1w 90-EMA).

Momentum studies: Technical indicators remain bearish on the daily chart with RSI near oversold levels, MACD line below the signal line, and stochs in oversold zone.

Call Update: We recommended staying short in our previous call. The call is progressing well.

Recommendation: Hold for targets. Trail SL to 500. TP: 400/370.