ETH/USD dropped to 450 levels on Wednesday before closing at 476 levels. It is currently trading at 486 levels at the time of writing (Coinbase).

On the upside, the pair faces immediate resistance at 491 (1h 50-SMA) and a break above would see it testing 512 (2h 50-SMA)/552 (10-DMA). Further strength would target 564 (20-DMA)/594 (Cloud bottom).

On the flipside, support is seen at 460 (78.6% retracement of 360 and 828.97) and a decisive break below would drag it to 419 (127.2% extension of 828.97 and 507)/400.

Momentum studies: Bias remains bearish on the daily chart with stochs at oversold levels and MACD line below the signal line, and the price action well below major moving averages. However, RSI is showing a turn from near oversold levels.

Call Update: We recommended going short in our previous call. TP1 has been hit.

Recommendation: Book partial profits, stay short. Trail SL to 560. TP: 460/420.