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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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