Crypto Technicals: ETH/USD recovery capped at 5-DMA, upside likely to be short-lived

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 114 (Trendline); Resistance: 131.42 (5-DMA)

Technical Analysis: Bias Bearish

ETH/USD was trading 4.00% lower on the day at 127.57 at 06:35 GMT, bias bearish.

The pair held support at major trendline (114.50) overnight. However, recovery is capped at 5-DMA.

After closing over 9% higher in the previous session, the pair is struggling to extend gains on the day.

Major and minor trend are bearish and recovery is not supported by technical indicators.

Resumption of weakness will see test of trendline support (currently at 114). Break below will open further downside.

On the flipside, close above 5-DMA will fuel short-term recovery. Gains upto 143 (nearly converged 20-DMA and 21-EMA) likely.

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