Crypto Technicals: ETH/USD holds 20-DMA support, break below will see further correction

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 248.03 (21-EMA); Resistance: 278.72 (Upper BB)

Technical Analysis: Bias Neutral to slightly bearish

ETH/USD extends sideways grind along 5-DMA support. Doji formation on previous weeks' candle keep upside limited.

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

The pair is trading 3.1% lower on the day at 260.88 at 08:55 GMT.

Price action is holding support at 20-DMA, break below will see further weakness.

Stochs and RSI have turned bearish and are showing a 'bearish divergence' from price action.

Break below 20-DMA finds next major support at 21-EMA at 247.96 ahead of 23.6% Fib at 236.64.

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