ETH/USD has broken below 500 levels as it failed to breach 20-DMA resistance. It is currently trading at 542 levels at the time of writing (Coinbase).

On the topside, immediate resistance is seen at 510 (4h 50-SMA) and a break above would test 542 (20-DMA) /572 (100-DMA)/ 596 (Cloud bottom).

On the downside, the pair is likely to find support at 460 (78.6% retracement of 360 and 828.97) and further weakness would target 448 (lower Bollinger)/425 (trend line joining 202.25 and 360)/400.

Momentum studies: Bias is bearish on the daily chart with RSI weak at 38, stochs biased lower and price action below major moving averages.

Call Update: We recommended staying short in our previous call. The call is progressing well.

Recommendation: Hold for targets. SL: 560. TP: 460/450/430.