FxWirePro: ETH/USD trades just shy 200, bias bearish

(Refer ETH/USD chart on Trading View)

ETH/USD partially erased previous gains and slipped below the psychological level of 200 on Monday.

The pair is extremely rangebound on Tuesday and is trading at 197 at the time of writing (Coinbase).

On the upside, the pair faces stiff resistance at 229 (21-EMA) and a consistent break above would see it testing 288(50-DMA)/300/325 (Cloud bottom).

On the downside, a break below 190 (61.8% retracement of 167 and 227.55) would further weaken the pair to 167 (September 12 low)/151 (Lower Bollinger)/130 (15 July 2017 low).

Bias remains largely bearish on the daily chart with RSI weak at 34, stochs biased lower, and the price action below major moving averages.

The pair is currently trading just shy of 200 and further weakness could see a dip till previous low of 167.