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FxWirePro: ETH/USD extends consolidation, break below 100-DMA to see further downside

ETH/USD continues to trade in a narrow range on Tuesday as it tried to hold above 100-DMA. It is currently trading at 849 levels at the time of writing (Kraken).

On the upside, the pair faces resistance at 874 (20-DMA) and a break above would see it testing 900/931 (50-DMA)/959 (upper Bollinger). Further strength would target 1000/1053 (Cloud top).

On the downside, a decisive break below 835 (100-DMA) would see the pair testing 789 (Lower Bollinger)/733 (61.8% retracement of 201.28 and 1594.89). Further weakness would see it testing 700.

Momentum studies: Bias remains neutral on the daily chart with extremely rangebound price action from the last couple of sessions.

100-DMA is a major support for the pair and a break below would see further downside.

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