ETH/USD plunged to 780 levels as it failed to break above trend line resistance. It is currently trading at 861 levels at the time of writing (Kraken).

On the upside, resistance is seen at 901 (convergence of 10-DMA and trend line joining 1594 and 983) and a break above would see it testing 952 (38.2% retracement of 1594.89 and 556)/998 (Cloud bottom). Further strength would target 1075/1100/1121 (Cloud top).

On the downside, the pair has found strong support near 783 (100-DMA) and any violation would see the pair testing 733 (61.8% retracement of 201.28 and 1594.89)/716 (Lower Bollinger). Further weakness would drag the pair to 674 (1w 20-SMA)/600.

Momentum studies: Overall bias appears weak as the pair continues in downward sloping channel. RSI is below 50, MACD is on the verge of a bullish crossover but below the zero line, and stochs are biased lower.

Intraday bias appears slightly bullish as the pair retraced its strength to above 800 levels. However, a break above channel top would see minor bullishness in the pair, targeting 1000.

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