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Crypto Technicals: ETH/USD struggles at 21-EMA, decisive break above to see upside

Wed, 09 Oct 2019, 05:40 am UTC

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 177.70 (5-DMA); Resistance: 189.52 (55-EMA)

Technical Analysis: Bias Neutral

ETH/USD extends range trade for the second consecutive day, bias is neutral.

The pair was trading largely muted on the day at 180.43 at 05:30 GMT.

'Doji' formation on the previous session's candle suggests indecision among traders.

Momentum studies are turning slightly bullish, RSI is just below 50 mark and Stochs are biased higher.

Upside is struggling at stiff resistance at 21-EMA and daily cloud. Decisive break above required for further gains.

Major trend in the pair still remains bearish. 'Death Cross' to keep upside limited.

Breakout at 21-EMA eyes next resistance at 55-EMA at 189.52 ahead of 23.6% Fib at 202.23.

5-DMA is immediate support at 177.73. Break below negates near-term bearishness.

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