ETH/USD continues to trade in a close range on Tuesday and is currently hovering around 400 levels at the time of writing (Kraken).

On the upside, the pair is likely to face resistance at 423 (10-DMA) and a break above would target 475 (4h 100-SMA)/490 (20-DMA). Further strength would see the pair testing 540 (3h 200-SMA)/566 (trend line joining 1234 and 868.77)/606 (200-DMA).

On the downside, support is seen at 383 (1h 50-SMA) and a break below would target 354 (1w 90-EMA)/ 331 (113% extension of 1234 and 435)/300.

Momentum studies: Bias remains bearish on the daily chart with RSI and stochs at oversold levels, MACD line below the signal line, and the pair’s upside being capped by 10-DMA. The current price action is forming a bearish flag pattern and if bears continue to flex their muscles, further declines to 300 levels could be in scope.

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