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Crypto Technicals: ETH/USD trades below 5-DMA, signs of downside resumption

Mon, 02 Dec 2019, 06:57 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 141.35 (78.6% Fib); Resistance: 151.30 (5-DMA)

Technical Analysis: Bias Bearish

ETH/USD is extending weakness for the 3rd straight session, bias bearish.

The pair was trading at 147.33, down 2.38% at 06:00 GMT, after closing 0.53% lower in the previous session.

Bears have largely ignored the 'hammer' formation on the previous session's candle.

Price action has slipped below 5-DMA and is on track for further weakness. Technical indicators support further downside.

Next immediate support lies at 141.35 (78.6% Fib). Break below could see dip till 131.56 (lower BB) ahead of 113 (converged trendline and 88.6% Fib).

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