FxWirePro: ETH/USD rangebound, break below trend line support likely to re-test 250

(Refer ETH/USD chart on Trading View)

ETH/USD continues to range in a narrow range with its upside capped by 21-EMA.

The pair is trading at 290 levels at the time of writing (Coinbase).

On the upside, the pair faces stiff resistance at 299 (21-EMA) and a break above would see it testing 315 (4h 200-SMA)/351 (38.2% retracement of 515.88 and 250.28).

On the downside, the pair is likely to find support at 273 (trend line joining 250.28 and 259.11)/ 250 (August 14 low).

Bias appears neutral on the daily chart as the pair is extremely rangebound.

Watch out for a break below trend line support for further downside in the pair.