FxWirePro: ETH/USD trades lower following rejection at cloud resistance, good to go short on break below 10-DMA
ETH/USD is lower on Friday after it failed to breach cloud resistance. It is currently trading at 463 levels at the time of writing (Coinbase). On the upside, the pair faces stiff resistance at 496 (50-DMA) and a break a…
ETH/USD is lower on Friday after it failed to breach cloud resistance.
It is currently trading at 463 levels at the time of writing (Coinbase).
On the upside, the pair faces stiff resistance at 496 (50-DMA) and a break above would test 504 (cloud bottom)/537 (90-EMA)/570 (100-DMA).
On the downside, the pair is holding support at 458 (10-DMA) and a break below would drag it to 439 (4h cloud bottom)/414 (trend line joining 360 and 404.22)/400.
Technical indicators appear bearish on the daily (RSI below 50, stochs biased lower) as well as intraday charts.
Recommendation: Good to go short on break below 10-DMA. SL: 500. TP: 440/420/400.
Coinglass measured Ether options open interest at $5.81 billion, up 0.1% from the previous day, with calls representing most of both open interest and trading volume.
