ETH/USD is continuing its rangebound trading on Thursday with its upside capped by 10-DMA. It is currently trading at 379 levels at the time of writing (Coinbase).

On the upside, the pair faces strong resistance at 400 (10-DMA) would see the pair testing 432 (3h 100-SMA)/468 (20-DMA). Further strength would target 514 (3h 200-SMA)/563 (23.6% retracement of 1224 and 360).

On the downside, support is likely to be found at 378 (1h 50-SMA) and a break below would target 360 (April 1 low)/ 349 (113% extension of 1224 and 450)/300.

Momentum studies: Overall bias remains bearish with RSI and stochs at oversold levels, the pair’s upside being capped by 10-DMA on the daily chart, and the bearish flag pattern.

However, the pair remains rangebound and traders are preferred to wait for a confirmed signal.

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