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Crypto Technicals: ETH/USD struggles at channel top, spinning top and bearish divergence suggest consolidation

Mon, 13 May 2019, 10:09 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 182 (5-DMA); Resistance: 208 (Channel top)

Technical Analysis: Bias Bullish

ETH/USD has paused upside at channel top resistance.

Technical bias for the pair remains bullish and we do not see major reversal signs.

Back-to-back spinning top formations on the daily candle suggest some consolidation before the next leg higher.

Also, RSI are on verge of rollover from overbought levels and we see slight bearish divergence.

On the intraday charts, the pair has held support at hourly cloud and 1H 55-EMA at 187.

Break below hourly cloud finds next support at 5-DMA at 182. Break below 182 will see dip till 21-EMA at 170.

Bias higher as long as pair holds above 200-DMA. Breakout at channel top (currently at 208) will propel the pair higher.

Next bull target above 208 lies at 222 (Nov 7th high). Bullish invalidation below 200-DMA.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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