Crypto Technicals: ETH/USD extends weakness below 200H MA, eyes 110-EMA support at 159.52
ETH/USD chart – Trading View
Exchange – Coinbase
Technical Analysis: Bias Bearish
GMMA Indicator: Major Trend – Turning Bullish; Minor Trend – Slightly Bearish
Overbought/ Oversold Index: Neutral, oscillators biased lower
Volatility: High, Shrinking
Support: 159.52 (110-EMA); Resistance: 166.63 (5-DMA)
ETH/USD was trading 1.82% lower on the day at 164.62 at around 07:50 GMT.
The pair has failed to hold break above 5-DMA and is extending weakness below 200H MA.
A potential ‘Death Cross’ (bearish 50-DMA crossover on 200-DMA) will be watched for possible influence on price action.
5-DMA has turned South and Stochs and RSI are biased lower. MACD is also on verge of bearish crossover on signal line.
Breach at 200H MA support has raised scope for test of 110-EMA at 159.52. Breach below daily cloud support at 154.26 to see more downside.
On the flipside, breakout at 200-DMA required for upside resumption. Next bull target lies at 55W EMA at 197.68 ahead of 110W EMA at 209.51.
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