FxWirePro: ETH/USD upside capped by 5-DMA, decisive break below trend line support likely to test 300

(Refer ETH/USD chart on Trading View)

ETH/USD is trading in a narrow range on Friday with its upside capped by 5-DMA (Coinbase).

The pair is currently trading at 358 levels at the time of writing.

On the topside, a break above 372 (5-DMA) would see the pair testing 392 (10-DMA)/426 (20-DMA)/445 (50-DMA).

On the downside, a decisive break below 346 (trend line joining 360 and 347.18) would drag the pair to 333 (1w 100-SMA)/ 300.

Bias remains bearish on the daily chart with the price action well below major moving averages. Minor pullbacks could be on the cards as momentum indicators are in the oversold zone.

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Hold for targets.