ETH/USD is trading deep in the red on Monday as it failed to close above 1w 20-SMA. It is currently trading at 717 levels at the time of writing (Coinbase).

On the upside, the pair is trading just shy of 727 (1h 200-SMA) and a break above would target 759 (1h 20-SMA)/782 (1w 20-SMA). Further strength would see it soaring to 800/828 (May 06 high).

On the flipside, support is seen at 686 (4h 100-SMA) and a break below would target 673 (20-DMA)/ 659 (cloud top). Further weakness would target 630 (55-EMA)/600/543 (50-DMA).

Momentum studies: On the daily chart, RSI has rolled over from the overbought zone and stochs are on the verge of a rollover from o/b levels, while MACD line is above the signal line.

20-DMA is a major support for the pair and any violation would confirm further bearishness.

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