Crypto Technicals: ETH/USD grinds sideways along 55H-EMA resistance, bias neutral

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 239.64 (236% Fib); Resistance: 255.55 (20-DMA)

Technical Analysis: Bias Neutral to Slightly Bearish

ETH/USD grinds sideways at 1H 55-EMA resistance, downside supported at 1H 50-SMA.

RSI and Stochs are flat-lined on the hourly charts, intraday bias is neutral.

Price action has bounced off lower BB and is hovering around 21-EMA.

Technical analysis supports downside. Doji formation on previous weeks' candle limits upside.

Bearish 5-DMA crossover on 20-DMA, 'Bearish Divergence' on RSI and stochs keeps bias lower.

Volatility is shrinking on the daily charts, scope for some consolidation.

Break below 23.6% Fib eyes 55-EMA at 215.45. Retrace above 20-DMA could see further gains.

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