ETH/USD is trading in a close range on Monday, just shy of 500 levels at the time of writing (Coinbase).
The pair’s upside is capped by 511 and a break above would see the pair 538 (3h 100-SMA)/552 (20-DMA). Further strength would target 578 (100-DMA)/596 (Cloud bottom).
On the downside, support is likely to be found at 456 (trend line joining 360 and 450.11) and a break below would test 422 (trend line joining 202.25 and 360)/400.
Momentum studies: Bias remains bearish on the daily chart with RSI weak at 37, MACD line below the signal line, and the price action well below major moving averages.
Call Update: We recommended staying short in our previous call. The call still holds.
Recommendation: Bias bearish, stay short. Trail SL to 560. TP: 460/420.
