ETH/USD continues to trade in a close range on Wednesday with its upside capped by 7-DMA. It is currently trading at 690 levels at the time of writing (Kraken).

On the upside, a decisive break above 699 (7-DMA) would see the pair testing 730 (10-DMA)/793 (20-DMA). Further strength would target 838 (4h 200-SMA)/855 (100-DMA)/876 (50-DMA)/900.

On the downside, support is seen at 654 (trend line joining 556 and 641) and a break below would drag the pair to 622 (February 05 low)/ 590 (200-DMA). Further weakness would see it testing 556 (February 06 low).

Momentum studies: Bias remains bearish on the daily chart with RSI weak at 36, MACD line below the signal line, and stochs near oversold levels. Bias appears bearish on the weekly chart as well.

Call Update: We recommended going short on break below trend line support in our previous call. The call still holds.

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