FxWirePro: ETH/USD rangebound, eyes trend line support at 411, bias bearish
ETH/USD is trading in a narrow range on Friday with its upside capped by 20-DMA. It is currently trading at 437 levels at the time of writing (Coinbase). On the topside, resistance is seen at 453 (20-DMA) and a break abo…
ETH/USD is trading in a narrow range on Friday with its upside capped by 20-DMA. It is currently trading at 437 levels at the time of writing (Coinbase).
On the topside, resistance is seen at 453 (20-DMA) and a break above would target 468 (trend line joining 828.97 and 494.74)/509 (50-DMA). Further strength would see the pair testing 539 (cloud bottom).
On the downside, the pair is now eyeing support at 411 (trend line joining 360 and 404.22) and any violation would drag it to 400/368 (113% extension of 828.97 and 421.10).
Momentum studies: Technical indicators remain bearish on the daily chart. The bearish flag pattern also supports further downside in the pair.
Call Update: We recommended going short in our previous call. The pair has hit TP1.
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