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FxWirePro: ETH/USD hovers around 90-EMA, decisive break below targets 700

ETH/USD is trading in a close range on Friday and hovering around 800 levels at the time of writing (Kraken).

On the upside, resistance is seen at 841 (2h 90-EMA) and a break above would target 866 (10-DMA)/909 (4h 90-EMA). Further strength would target 961 (50-DMA)/983 (convergence of Cloud bottom and trend line joining 1594.89 and 1234).

On the downside, immediate support is seen at 790 (90-EMA) and a break below would drag it to 733 (61.8% retracement of 201.28 and 1594.89)/701 (100-DMA). Further weakness would target 645 (113% extension of 1594.89 and 755)/600/556 (February 06 low).

Momentum studies: On the daily chart, RSI is weak at 42 and MACD line is below the signal line, while stochs have turned from near oversold levels. Overall bias appears largely bearish and any trend reversal could be confirmed only on a break above trend line resistance at 983.

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