ETH/USD is trading tad higher on Friday and hovering around cloud top at 674 levels at the time of writing (Coinbase).

On the upside, a consistent break above 671 (Cloud top) would see the pair testing 690 (trend line joining 1419.96 and 711)/722 (100-DMA). Further strength would target 745 (61.8% retracement of 982.99 and 360)/764 (38.2% retracement of 1419.96 and 360)/800.

On the downside, support is seen at 623 (10-DMA) and a break below would drag the pair to 593 (3h 100-EMA)/545 (20-DMA). Further weakness would test 522 (Cloud bottom)/500.

Momentum studies: Bias appears bullish on the daily chart as the pair is holding above 10-DMA, RSI is strong at 64, and MACD line is above the signal line. Bias appears bullish on intraday charts as well.

Recommendation: Good to go long on break above trend line resistance. SL: 640.TP: 722/745/764.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest