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Crypto Technicals: ETH/USD extends choppy trade around 55-EMA, decisive breakout above required for further upside

Mon, 13 Jan 2020, 04:41 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

GMMA Indicator: Major Trend - Bearish; Minor Trend - Neutral

Overbought/ Oversold Index: Overbought

Support: 138.36 (21-EMA); Resistance: 155.43 (Cloud base)

ETH/USD is extending choppy trade around 55-EMA, bias is neutral.

The pair was trading 2.06% lower on the day at 143.58 at 04:30 GMT, after closing 2.78% higher in the previous session.

The pair is currently holding above 21-EMA support at 135.60. Break below will accentuate weakness.

Major trend as evidenced by the GMMA indicator has been bearish. Long-term moving averages are biased lower.

Short-term moving averages are struggling to extend bullish streak, fail to break above longer-term moving averages.

On the hourly charts, the pair finds strong support around 200H MA (currently at 140.89).

Break below 200H MA and 21-EMA supports with turn in short-term MAs on the GMMA will see downside resumption.

Momentum is bullish, price action has broken into daily cloud, Stochs and RSI converge with price action along with a bullish divergence.

A decisive breakout at 55-EMA will see further gains. Scope then for test of 23.6% Fib at 174.83.

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