FxWirePro: Bears keep ETH/USD below 300, further bullishness only on decisive break above

(Refer ETH/USD chart on Trading View)

ETH/USD continues to consolidate in a narrow range as it faces strong resistance at 300 levels.

It is currently trading at 284 levels at the time of writing (Coinbase).

On the upside, a decisive break above 300 would see the pair testing 329 (21-EMA)/357 (3h 200-SMA)/384 (4h 200-SMA)/400.

On the flipside, support is seen at 265 (78.6% retracement of 250 and 322) and any violation would drag it to 250 (August 14 low)/ 230/200.

Intraday bias appears neutral as the pair continues to drift sideways. Overall bias remains bearish with no major sign of reversal.

The gravestone doji formation suggests that bears are trying to keep the pair from breaching the 300-mark resistance.

Recommendation: Wait for clear directional bias.