ETH/USD is continuing its rangebound trade on Wednesday and trading just shy of trend line resistance at 868 levels (Kraken).

On the upside, the pair faces strong resistance at 873 (trend line joining 1594.89 and 1234) and a break above would see it testing 928 (20-DMA)/977 (50-DMA). Further strength would target 998 (Cloud bottom)/1075 (50% retracement of 1594.89 and 556).

On the downside, support is seen at 814 (10-DMA) and a break below would drag it to 797 (90-EMA)/733 (61.8% retracement of 201.28 and 1594.89)/729 (100-DMA). Further weakness would target 700/638 (lower Bollinger)/600.

Momentum studies: On the daily chart, MACD is on the verge of a bullish crossover and stochs are biased higher, while RSI is below 50. A break above the trend line resistance, couple with RSI above 50, would see further upside, targeting 928/977.

Intraday bias appears bullish.

Recommendation: Good to go long on break above 873. SL: 765. TP: 928/977/1000.

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