ETH/USD remains rangebound on Monday as its upside is capped by 20-DMA. It is currently trading at 862 levels at the time of writing (Kraken).

On the upside, the pair faces resistance at 878 (20-DMA) and a break above would see it testing 900/939 (50-DMA)/964 (upper Bollinger). Further strength would target 1000/1053 (Cloud top).

On the downside, support is seen at 832 (100-DMA) and a break below would drag the pair to 792 (Lower Bollinger)/733 (61.8% retracement of 201.28 and 1594.89). Further weakness would see it testing 700.

Momentum studies: Bias appears neutral on the daily chart with extremely rangebound price action from last couple of sessions. Traders are preferred to wait for a clear directional bias.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest