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FxWirePro: ETH/USD struggles to hold above 500, break below to see further bearishness

ETH/USD recovered to above 500 levels on the back recent comments from the US SEC official that bitcoin and ether are not securities (Coinbase), hitting 530 levels on Thursday. However, it could not hold its strength and is currently trading at 500 levels at the time of writing.

On the upside, resistance is seen at 545 (10-DMA) and a break above would see it testing 561 (20-DMA)/585 (100-DMA). Further strength would target 594 (Cloud bottom).

On the flipside, a decisive break below 500 would drag the pair to 460 (78.6% retracement of 360 and 828.97)/450 (June 13 low). Further weakness would target 419 (127.2% extension of 828.97 and 507)/400.

Momentum studies: Bias appears bearish on the daily chart as the price action remains well below major moving averages, RSI is weak at 38, and MACD line is below the signal line. However, caution is advised as stochs have rolled over from oversold levels.

Watch out for a break below 500 levels for further downside in the pair.

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November 18 23:50 UTC Released

JPTrade Balance Total Yen

Actual

-449.3 Bln JPY

Forecast

-70 Bln JPY

Previous

139.6 Bln JPY

November 18 23:50 UTC Released

JPImports YY

Actual

19.9 %

Forecast

14.5 %

Previous

7 %

January 31 00:00 UTC 420563420563m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420563420563m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 432383432383m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 420563420563m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 432383432383m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 420563420563m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420563420563m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 420563420563m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

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