ETH/USD continues to trade in a close range on Tuesday with its upside capped by 20-DMA. It is trading well below 700 levels at 687 levels at the time of writing (Coinbase).

On the upside, a break above 725 (20-DMA) would see the pair testing 745 (trend line joining 1419.98 and 828.97)/804 (Upper Bollinger). Further strength would target 849 (78.6% retracement of 982.99 and 360)/900.

On the downside, the pair is currently hovering around 692 (200-DMA) and any violation would drag it to 657 (100-DMA)/649 (38.2% retracement of 360 and 828.97). Further weakness would test 614 (50-DMA)/604 (Cloud top)/ 594.

Momentum studies: On the daily chart, MACD line is below the signal line and RSI is at 50 with lower bias. Intraday bias appears weak.

The pair is extremely rangebound. Watch out for a decisive break below 200-DMA for further downside in the pair.

Recommendation: Good to go short on close below 200-DMA. SL: 740. TP: 660/620.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest