FxWirePro: ETH/USD upside capped by 10-DMA, good to go short on break below 200-DMA
ETH/USD failed to break above 10-DMA and is trading tad lower at 696 levels at the time of writing (Coinbase). On the upside, a decisive break above 719 (10-DMA) would see the pair testing 775 (trend line joining 1419.98…
ETH/USD failed to break above 10-DMA and is trading tad lower at 696 levels at the time of writing (Coinbase).
On the upside, a decisive break above 719 (10-DMA) would see the pair testing 775 (trend line joining 1419.98 and 828.97)/809 (Upper Bollinger). Further strength would test 849 (78.6% retracement of 982.99 and 360)/900.
On the flipside, major support is seen at 680 (200-DMA) and any violation would bring the pair down to 665 (100-DMA)/623 (Cloud top). Further weakness would target 600/578 (50-DMA).
Momentum studies: Bias appears bearish on the daily chart with the pair’s upside capped by 10-DMA, MACD line below the signal line, and stochs are biased lower.
200-DMA is a major support for the pair and a break below, coupled with RSI below 50, would confirm further downside in the pair.
Recommendation: Good to go short on a break below 200-DMA. SL: 730. TP: 665/623.
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