ETH/USD stopped short of 500 levels as the cryptocurrency market slumped after the news on Coinrail hack broke. It is currently trading at 532 levels at the time of writing (Coinbase).

On the upside, the pair is likely to face resistance at 555 (2h 20-SMA) and a break above would see it soaring to 578 (20-DMA)/594 (Cloud bottom). Further strength would target 618 (55-EMA).

On the flipside, a breach of 500 levels would drag the pair to 460 (78.6% retracement of 360 and 828.97)/ 419 (127.2% extension of 828.97 and 507)/400.

Momentum studies: Bias is bearish on the daily chart with RSI weak at 37, stochs biased lower and MACD on the verge of a bearish crossover.

Recommendation: Good to go short on break below 500. SL: 580. TP: 460/420.

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