ETH/USD has broken below the Ichimoku cloud and is trading at 812 levels at the time of writing.

On the upside, immediate resistance is seen at 836 (1h 20-SMA) and a break above would target 902 (5-DMA)/953 (Cloud top)/1016 (10-DMA). Further strength would see it testing 1030 (20-DMA)/1063 (38.2% retracement of 1594.89 and 734.84).

On the downside, the pair is hovering around 793 (90-EMA) and a decisive break below would target 749 (trend line joining 512 and 734.84)/733 (61.8% retracement of 201.28 and 1594.89)/682 (100-DMA). Further weakness would drag it to 623 (113% extension of 1594.89 and 734.84)/600.

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 38, MACD line below the signal line, stochs biased sharply lower, and major moving averages biased lower. Bias is bearish on the intraday charts as well.

Call Update: We recommended staying short in our previous call. The pair has almost hit TP3.

Recommendation: Bias bearish, stay short. Trail SL to 910. TP: 749/733/700.

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