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FxWirePro: ETH/USD trades lower following rejection at cloud resistance, good to go short on break below 10-DMA

  • ETH/USD is lower on Friday after it failed to breach cloud resistance.
  • It is currently trading at 463 levels at the time of writing (Coinbase).
  • On the upside, the pair faces stiff resistance at 496 (50-DMA) and a break above would test 504 (cloud bottom)/537 (90-EMA)/570 (100-DMA).
  • On the downside, the pair is holding support at 458 (10-DMA) and a break below would drag it to 439 (4h cloud bottom)/414 (trend line joining 360 and 404.22)/400.
  • Technical indicators appear bearish on the daily (RSI below 50, stochs biased lower) as well as intraday charts.

Recommendation: Good to go short on break below 10-DMA. SL: 500. TP: 440/420/400.

  • Market Data
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