Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
Fri, 24 May 2019, 12:16 pm UTC
ETH/USD chart - Trading View
Exchange - Coinbase
Support: 221.23 (21-EMA); Resistance: 267.51 (Weekly cloud base)
Technical Analysis: Bias Bullish
ETH/USD has retraced above 1H 200-SMA and hourly cloud.
The pair was trading 3% higher at 252.62 at 11:11 GMT, bias bullish.
The pair has bounced off weekly lows with a 'Hammer' formation raising scope for further gains.
Price action has held support at 23.6% Fib and 'Hammer' signals buying pressure at lows.
The pair is holding above 55W EMA and break above weekly cloud base will see upside resumption.
Stiff resistance seen at weekly cloud at 267.51. Break above eyes 289.79 (Upper BB).
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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