FxWirePro: ETH/USD stops short of cloud resistance, slips below 500
ETH/USD broke above 500 levels and has hit 515 levels so far in the day. However, the pair seems to be struggling to hold above the 500 mark and is currently trading at 498 levels at press time (Coinbase). On the upside,…
ETH/USD broke above 500 levels and has hit 515 levels so far in the day. However, the pair seems to be struggling to hold above the 500 mark and is currently trading at 498 levels at press time (Coinbase).
On the upside, a decisive break above 500 (50-DMA) would see the pair testing 518 (Cloud bottom)/540 (90-EMA). Further strength would see it testing 569 (100-DMA).
On the downside, the pair is likely to find support at 484 (1h 50-SMA) and any violation would drag it to 471 (5-DMA)/450 (4h 50-SMA). Further weakness would test 413 (trend line joining 360 and 404.22)/400.
Momentum studies appear inconclusive at the time of writing.
The gravestone doji formation on the daily chart and shooting star formation on hourly charts keep the possibility for further downside in the pair open.
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