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FxWirePro: ETH/USD trades below 20-DMA, good to go short on break below trend line support at 1011

ETH/USD failed to hold above 20-DMA on Tuesday and plunged to 1011 levels. It is currently trading at 1098 levels at the time of writing (Kraken).

On the upside, immediate resistance is seen at 1119 (20-DMA) and a break above would target 1147 (4h 20-SMA)/1188 (trend line joining 1594.89 and 1234)/ 1200. Further strength would see it testing 1234 (January 29 high)/1274 (61.8% retracement of 1594.89 and 755)/1300.

On the downside, short-term support is seen at 1079 (2h 100-SMA) and a break below would drag it to 1025 (4h 200-SMA)/1011 (trend line joining 512 and 910). Further weakness would see it testing 955 (trend line joining 870 and 910)/939 (50-DMA)/890 (lower Bollinger).

Momentum studies: On the daily chart, RSI is holding above 50, while MACD line is below the signal line and stochs are biased slightly lower.

The pair sees strong trend line support at 1011 and a break below, coupled with RSI below 50, would see further downside in the pair.

Recommendation: Good to go short on break below 1011. SL: 1150. TP: 955/939/890.

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