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FxWirePro: ETH/USD breaches 100-DMA support, good to go short on rallies

ETH/USD is trading lower on Wednesday as it broke below 100-DMA support. It is currently trading at 781 levels at the time of writing (Kraken).

On the upside, the pair faces resistance at 810 (1h 20-SMA) and a break above would see it testing 838 (100-DMA)/865 (20-DMA). Further strength would target 911 (Cloud bottom)/952 (38.2% retracement of 1594.89 and 556).

On the downside, the pair has broken below 100-DMA and is now eyeing 755 (January 17 low)/733 (61.8% retracement of 201.28 and 1594.89). Further weakness would see it testing 700/622 (February 05 low)/577 (200-DMA).

Momentum studies: Bias has turned bearish on the daily chart with the breach of 100-DMA support – RSI is weak at 39, MACD on the verge of bearish crossover and stochs biased lower.

Recommendation: Good to go short on rallies around 780/790. SL: 820. TP: 755/733.

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