ETH/USD is trading in the red on Wednesday at 527 levels after it stopped of 20-DMA resistance (Coinbase).

On the topside, a decisive break above 550 (20-DMA) would see the pair testing 575 (100-DMA)/ 596 (Cloud bottom).

On the downside, a break below 512 (7-DMA) would weaken the pair to 500/460 (convergence of 78.6% retracement of 360 and 828.97 and trend line joining 360 and 450.11) /423 (trend line joining 202.25 and 360)/400.

Momentum studies: Bias remains bearish on the daily chart with strong trend line resistance at 540 and RSI below 50. The bear flag pattern also supports further downside in the pair.

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Hold for targets.