ETH/USD is trading in a close range on Wednesday as its upside is capped by 5-DMA. It is currently trading at 990 levels at the time of writing (Kraken).

On the upside, resistance is seen at 1037 (5-DMA) and a break above would see the pair testing 1061 (10-DMA)/1075 (38.2% retracement of 1594.89 and 755)/1111 (20-DMA). Further strength would target 1174/1200/1274.

On the downside, support is seen at 944 (4h 200-SMA) and a break below would drag it to 925 (61.8% retracement of 512 and 1594.89)/900/845 (50-DMA). Further weakness would see it testing 823 (trend line joining 512 and 755)/800/743/724 (90-EMA).

Momentum studies: On the daily chart, RSI is below 50, MACD line below the signal line and stochs biased lower.

The pair is extremely rangebound, but, is holding above 4h 200-SMA and only a decisive break below will see further downside.

Recommendation: Wait for clear directional bias.

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