ETH/USD continues to consolidate just shy of 50-DMA and is currently trading at 533 levels at the time of writing (Coinbase).

On the upside, a break above 555 (50-DMA) would see the pair soaring to 605 (Cloud bottom)/627 (200-DMA). Further strength would target 671 (50% retracement of 982.99 and 360)/700.

On the downside, support is likely to be found at 494 (10-DMA) and a break below would target 441 (20-DMA)/400. Further weakness would drag it to 360 (April 1 low).

Momentum studies: On the daily chart, RSI is strong at 58, MACD line is above the signal line, and Bollinger band is widening, suggesting bullish momentum. However, stochs in the overbought zone and the “death cross” on the daily chart call for high caution.

Traders are preferred to wait for clear directional bias.

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