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Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83

Fri, 17 Jan 2020, 05:53 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Turning slightly bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High

Support: 158.53 (110-EMA); Resistance: 174.83 (23.6% Fib)

ETH/USD has likely resumed upside after a brief pause on Thursday's trade, bias remains bullish.

The pair was trading 2.79% higher on the day at 168.43 at around 05:45 GMT, after closing 1.42% lower in the previous session.

'Hammer' formation in the previous session shows buying pressure at lows. The pair trimmed losses from lows of 158.17 to close at 163.93.

Technical studies are biased higher. However, overbought oscillators could cause minor pullbacks.

The pair finds immediate support at 5-DMA (161.62) which is biased higher. Break below could see minor weakness.

Breach below cloud top support (155.43) could see drag till 200H MA at 149.25. Violation there could change near-term dynamics.

On the other side, 23.6% Fib is immediate resistance at 174.83. Break above 200-DMA (183.53) confirms bullish continuation.

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