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FxWirePro: ETH/USD faces stiff trend line resistance at 485, break above to see minor upside

Wed, 25 Jul 2018, 10:58 am UTC

ETH/USD is trading in the red on Wednesday with its upside capped by the trend line joining 828.97 and 515.88.

Currently, the pair is trading at 466 levels at the time of writing (Coinbase).

On the upside, a decisive break above 485 (trend line joining 828.97 and 515.88) would see the pair testing 494 (Cloud bottom)/ 529 (90-EMA).

On the downside, support is seen at 461 (20-DMA) and a break below would target 449 (trend line joining 404.22 and 441)/417 (trend line joining 360 and 404.22)/400.

Bias appears neutral on the daily chart as the pair is oscillating between strong trend line resistance and support.

Recommendation: Wait for clear directional bias.

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  • Bitcoin (BTC) $9,050.33 (+2.55%)
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