ETH/USD is trading higher on Friday on the back of strong upward momentum. It is currently trading at 792 levels at the time of writing (Coinbase).

On the upside, a consistent break above 800 levels would now target 849 (78.6% retracement of 982.99 and 360)/889 (50% retracement of 1419.96 and 360)/900. Further strength would test 927 (161.8% extension of 360 and 711)/982 (February 18 high).

On the flipside, immediate support is seen at 770 (1h 20-SMA) and any violation would see it testing 743 (2h 20-SMA)/698 (100-DMA). Further weakness would drag it to 671 (Cloud top)/635 (20-DMA).

Momentum studies: Bias remains bullish on the daily chart with MACD line above the signal line, RSI strong at 72, and stochs in the overbought zone with upward bias. Intraday bias is also bullish.

Call Update: We recommended going long in our previous call. All the targets have been hit.

Recommendation: Book partial profits, stay long. Trail SL to 700. TP: 840/880.

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