ETH/USD is trading in an extremely close range on Wednesday as it faces strong resistance at 20-DMA. It is currently trading at 415 levels at the time of writing (Coinbase).

On the upside, a consistent break above 423 (20-DMA) would target 452 (3h 200-SMA)/465 (1w 50-SMA)/507 (23.6% retracement of 982.99 and 360). Further strength would see it testing 527 (Upper Bollinger)/584 (55-EMA).

On the downside, support is seen at 394 (10-DMA) and a break below would drag the pair to 360 (April 1 low)/ 318 (Lower Bollinger). Further weakness would target 300.

Momentum studies: On the daily chart, RSI is weak at 37, while MACD line is above the signal line and stochs are biased higher.

On the 1h chart, RSI is showing a turn from near overbought levels, MACD is on the verge of a bearish crossover, and stochs are rolling over from the overbought zone.

The pair faces strong resistance at 20-DMA and a break above would see minor bullishness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest