ETH/USD is trading in a very narrow range on Friday as it tries hold above 200-DMA. It is currently trading at 605 levels at the time of writing (Kraken).

On the upside, resistance is seen at 657 (7-DMA) and a break above would target 677 (10-DMA)/700. Further strength would see the pair testing 765 (20-DMA)/794 (90-EMA)/857 (50-DMA).

On the downside, a consistent break below 593 (200-DMA) would drag the pair to 556 (February 06 low)/512 (December 22 low)/500. Further weakness would target 439 (127.2% retracement of 556 and 983.85)/400.

Momentum studies: Bias remains bearish on the daily chart with RSI on the verge of a rollover to the oversold levels, MACD line below the signal line, and stochs at oversold levels.

Bias appears slightly bullish on the hourly charts, suggesting a minor pullback.

Bias remains extremely bearish on the weekly charts

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Hold for targets.

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