Crypto Technicals: ETH/USD edges higher from 2-week lows at 271, bias bearish

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 263.51 (38.2% Fib); Resistance: 297.68 (5-DMA)

Technical Analysis: Bias Bearish

ETH/USD trades 5.44% lower on the day at 277.92 at 10:40 GMT.

The pair has retraced higher from session lows at 127.12, bias remains bearish.

Price action has broken below 21-EMA which was providing strong support for the past few sessions.

Technical indicators support further weakness. Stochs and RSI are sharply lower and RSI has slipped below 50 mark.

Bearish divergence on RSI and Stochs adds to the downside bias. MACD is showing a bearish crossover on signal line.

'Shooting Star' formation on the weekly charts keeps scope for weakness. Immediate support is seen at 38.2% Fib at 263.

Break below 38.2% Fib will see weakness till 55-EMA at 258.

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