ETH/USD continues rangebound trading on Tuesday and is currently trading at 698 levels at the time of writing (Kraken).

On the upside, immediate resistance is seen at 749 (10-DMA) and a break above would target 799 (20-DMA)/853 (100-DMA). Further strength would see it testing 882 (50-DMA)/900.

On the downside, support is seen at 650 (trend line joining 556 and 641) and a break below would drag the pair to 622 (February 05 low)/ 589 (200-DMA). Further weakness would see it testing 556 (February 06 low).

Momentum studies: Bias appears bearish on the daily chart with RSI weak at 37, MACD line below the signal line, and stochs near oversold levels. Bias appears bearish on the weekly chart as well.

Recommendation: Good to go short on break below 650. SL: 750. TP: 622/589.

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