ETH/USD has broken below 61.8% retracement of 360 and 828.97 and currently trading at 527 levels at press time (Coinbase).

On the upside, the pair is likely to face resistance at 577 (1h 50-SMA) and a break above would target 592 (Cloud top)/619 (10-DMA). Further strength would target 636 (50-DMA)/663 (20-DMA).

On the downside, the pair has found support near 516 (1w 55-EMA) and any violation would drag it to 500/460 (78.6% retracement of 360 and 828.97). Further weakness would target 405 (trend line joining 202.25 and 360)

Momentum studies: Bias remains bearish on the daily chart with RSI near oversold levels, MACD line is below the signal line, and stochs at oversold levels.

Bias is bearish on intraday and weekly charts as well.

Call Update: We recommended staying short in our previous call. The pair has hit TP1 and TP2.

Recommendation: Book partial profits, stay short. Good to go short on break below 1w 55-EMA.
SL: 650. TP: 500/460.

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