ETH/USD is extremely rangebound on Wednesday with its upside capped by 100-DMA. It is currently trading at 605 levels (Coinbase).

On the upside, a consistent break above 612 (100-DMA) would see the pair testing 628 (55-EMA)/655 (50-DMA). Further strength would target 666 (trend line joining 1419.96 and 828.97)/704 (Cloud top).

On the flipside, the pair has found support near 594 (Cloud bottom) and any violation would drag the pair to 580 (10-DMA)/539 (1w 50-SMA). Further weakness would see it testing 500/460 (78.6% retracement of 360 and 828.97).

Momentum studies: Bias appears neutral on the daily chart with RSI below 50, while MACD line above signal line and stochs biased sharply higher. The pair is trading in a very narrow range and traders are preferred to wait for a clear directional bias.

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