ETH/USD stopped short of 600 levels on Wednesday and is currently trading at 572 levels at the time of writing (Kraken).

On the upside, the pair faces strong resistance at 597 (200-DMA) and a break above would see the pair testing 644 (38.2% retracement of 983.85 and 435)/689 (20-DMA). Further strength would target 708 (23.6% retracement of 1594.89 and 435)/774/800.

On the downside, support is seen at 546 (1h 50-SMA) and a break below would drag the pair to 499 (78.6% retracement of 201.28 and 1594.89)/466 (lower Bollinger). Further weakness would target 435 (March 19 low)/400.

Momentum studies: On the daily chart, RSI and stochs are showing a rollover from oversold levels, while MACD line is below the signal line.

Watch out for a break above 200-DMA for a scope for further upside.

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