ETH/USD is trading higher on Friday as it broke above 50-DMA. It has hit 587 levels so far in the day and is currently trading at 576 levels at the time of writing (Coinbase).

On the upside, the pair is currently hovering around 568 (55-EMA) and a break above would test 588 (upper Bollinger)/599 (Cloud bottom). Further strength would target 629 (200-DMA)/ 671 (50% retracement of 982.99 and 360)/700.

On the downside, a break below 563 (1h 20-SMA) would see the pair testing 531 (7-DMA)/510 (1h 200-SMA). Further weakness would drag the pair to 477 (1w 50-SMA)/452 (20-DMA).

Momentum studies: On the daily chart, RSI is strong at 63, MACD line is above the signal line, suggesting bullish momentum. However, the death cross and stochs in overbought zone call for high caution.

Recommendation: Good to go long on close above 55-EMA. SL: 515. TP: 588/600/625.

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