ETH/USD failed to break above 55-EMA and is currently trading at 586 levels at the time of writing (Coinbase).

On the upside, immediate resistance is seen at 594 (cloud bottom) and a break above would target 614 100-DMA)/628 (55-EMA). Further strength would see the pair testing 653 (50-DMA)/672 (trend line joining 1419.96 and 828.97).

On the flipside, a break below 575 (10-DMA) would drag the pair to 539 (1w 50-SMA)/500. Further weakness would see it testing 460 (78.6% retracement of 360 and 828.97).

Momentum studies: On the daily chart, RSI is below 50, while MACD line is above signal line and stochs are biased higher.

The pair has been rejected at 55-EMA and a break below 10-DMA would see further downside in the pair. Intraday bias appears bearish.

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