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Crypto Technicals: ETH/USD correction holds above 110-EMA, set to resume upside as bias remains bullish

Wed, 22 Jan 2020, 06:50 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

Support: 165.66 (200H MA); Resistance: 174.83 (23.6% Fib)

ETH/USD was trading largely unchanged on the day at 169.17 at around 06:40 GMT.

The pair has retraced from session lows at 167.51 and is set to resume previous session's gains.

Correction in the pair has stalled above 110-EMA support and technical indicators are biased higher.

Price action has bounced off 200H MA multiple times and weakness only on break below.

A 'Dragonfly Doji' formation on Mondays' candle dents downside. Major and minor trend in the pair has shown a shift higher.

Price action is capped between 110-EMA and 200-DMA. Breakout at 200-DMA will propel the pair higher.

Next bull target lies at 55W EMA at 197.84 ahead of 110W EMA at 209.59 and 38.2% Fib at 211.08.

On the flipside, breach at 200H MA will see test of 110-EMA at 159.47. Breach below 55-EMA (150.93) negates near-term bullish bias.

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