ETH/USD is trying to hold above the trend line support at 429 levels and is currently trading at 436 levels at the time of writing (Coinbase).

On the topside, resistance is seen at 448 (1h 50-SMA) and a break above would target 463 (7-DMA)/483 (10-DMA). Further strength would see it testing 502 (20-DMA)/528 (3h 200-SMA).

On the downside, a decisive break below 429 (trend line joining 202.25 and 360) would drag the pair to 400/368 (113% extension of 828.97 and 547.40)/350 (1w 90-EMA).

Momentum studies: Bias remains bearish on the daily chart with MACD line below the signal line, RSI weak at 34, stochs in oversold zone, price action below major moving averages, and bear flag pattern.

Call Update: We recommended staying short in our previous call. The call still holds.

Recommendation: Hold for targets. SL: 520. TP: 400/370.