FxWirePro: ETH/USD rangebound below cloud, intraday bias neutral
Mon, 30 Jul 2018, 11:57 am UTC
ETH/USD continues to trade in a narrow range on Monday as it faces strong resistance from Ichimoku Cloud.
The pair is currently trading at 459 levels at the time of writing (Coinbase).
On the upside, a break above 475 (Cloud bottom) would see it testing key psychological level of 500. Further strength would target 522 (90-EMA)/563 (100-DMA)/600.
On the downside, the pair continues to hold trend line support at 458 and a decisive break below would drag it to 420 (trend line joining 360 and 404.22)/400.
Intraday bias appears neutral as the pair extends consolidation.
Technical indicators are bearish on the daily chart – RSI is below 50 and stochs are biased lower.
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