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FxWirePro: ETH/USD rangebound above 400, break below to see further bearishness

Tue, 07 Aug 2018, 11:09 am UTC

(Refer ETH/USD chart on Trading View)

ETH/USD continues to consolidate in a narrow range above key support at 400 levels.

The pair is currently trading at 408 levels at the time of writing (Coinbase).

On the upside, resistance is seen at 423 (10-DMA) and a break above would target 443 (20-DMA)/ 456 (50-DMA). Further strength would target 466 (cloud bottom)/500.

On the downside, a decisive break below 400 would see the pair testing 389 (113% retracement of 404.22 and 515.88)/360 (April 1 low)/349 (113% extension of 828.97 and 404.22).

Overall bias appears bearish with RSI below 50, MACD line below the signal line, and stochs at oversold levels with no major sign of reversal. Also, the price action is well below major moving averages.

Intraday bias is neutral as the pair is largely rangebound.

Recommendation: Wait for clear directional bias.

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