FxWirePro: ETH/USD fails to hold above 300, good to go short on rallies

(Refer ETH/USD chart on Trading View)

ETH/USD surged to 322 levels on August 18, but failed to hold its strength above the 300 mark.

It is currently trading at 290 levels at the time of writing (Coinbase).

On the upside, a consistent break above the key psychological level of 300 would see the pair testing 328 (4h 90-EMA)/ 341 (21-EMA)/372 (3h 200-SMA)/400.

On the flip side, support is likely to be found at 277 (61.8% retracement of 250 and 322) and any violation would drag it to 250 (August 14 low)/ 230/200.

Bias appears bearish on the daily chart with RSI and stochs near oversold levels. Intraday bias also appears bearish at the time of writing.

Recommendation: Good to sell on rallies around 290/300. SL: 340. TP: 280/250.