FxWirePro: ETH/USD eyes trend line support at 410, stay short
ETH/USD is trading in the red at 431 levels at the time of writing (Coinbase). On the upside, the pair faces resistance at 455 (20-DMA) and a break above would see it testing 473 (trend line joining 828.97 and 494.74)/50…
ETH/USD is trading in the red at 431 levels at the time of writing (Coinbase).
On the upside, the pair faces resistance at 455 (20-DMA) and a break above would see it testing 473 (trend line joining 828.97 and 494.74)/500. Further strength would target 513 (50-DMA)/551 (cloud bottom).
On the downside, the pair is likely to test previous low of 421 levels (June 24) and further weakness would see it targeting 410 (trend line joining 360 and 404.22)/400/368 (113% extension of 828.97 and 421.10).
Momentum studies: Technical indicators are bearish on the daily chart with RSI weak at 38, MACD on the verge of a bearish crossover, and stochs biased sharply lower. The bearish flag pattern also supports further downside in the pair and a break below trend line support at 410 is likely to see it testing previous low of 360 levels.
Call Update: We recommended going short in our previous call. The call is progressing well.
Recommendation: Hold for targets. SL: 510. TP: 420/410/400.
Coinglass measured Ether options open interest at $5.81 billion, up 0.1% from the previous day, with calls representing most of both open interest and trading volume.
Customers can select a crypto asset and wallet; AEON says it handles conversion and starts a local transfer. The company has not named merchants using the Chile feature.
