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Crypto Technicals: ETH/USD set to extend weakness, eyes trendline support at 158

Thu, 17 Oct 2019, 05:33 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 167.50 (Oct 6 low); Resistance: 179 (converged 5 and 20 DMAs)

Technical Analysis: Bias Bearish

ETH/USD is set to resume weakness after previous session's slump, technical bias bearish.

The pair was trading 0.62% lower on the day at 173.42 after closing 3.37% lower on Wednesday's trade.

Price action has broken below 20-DMA support and is now on track to test Oct 6th lows at 167.50.

Major trend has been bearish, minor trend has also shifted to bearish as indicated by turn in short-term MA on GMMA indicator.

Bullish divergence could limit downside. Also Stochastics oscillator on weekly charts has approached oversold zone.

Next major support below 167.50 (Oct 6 low) lies at 158 (trendline). Breach below trendline support will see test of 78.6% Fib at 141.35.

Strong resistance is seen at 179 (converged 5 and 20 DMAs). Bearish invalidation only above 200-DMA.

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