FxWirePro: ETH/USD continues downtrend, eyes channel base at 155
Wed, 12 Sep 2018, 11:54 am UTC
(Refer ETH/USD chart on Trading View)
ETH/USD moved further south on Wednesday as bears continue to flex their muscles.
At the time of writing, the pair is trading 10 percent lower and hovering around the fresh low of 167 hit earlier in the day (Coinbase).
On the upside, resistance is seen at 188 (5-DMA) and a consistent break above would see it testing 200/219 (10-DMA). Further strength would target 252 (20-DMA)/272 (4h 200-SMA)/300.
On the flipside, a decisive break below 166 (Lower Bollinger) would further drag the pair to 155 (Channel bottom)/ 130 (15 July 2017 low).
Bias remains bearish on the daily chart with no major signs of a reversal in the near term. Technical indicators remain bearish in the weekly and intraday charts as well.
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