Crypto Technicals: Potential 'Shooting Star' on weekly charts keeps scope for downside in Ethereum

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 279.89 (20-DMA) ; Resistance: 312.60 (5-DMA)

Technical Analysis: Major trend - Bullish; Minor trend - Turning Slightly Bearish

ETH/USD was trading 4.65% higher on the day at 307.60 at 10:00 GMT.

The pair edges higher from weekly lows at 273.50, finds strong support at 20-DMA.

Major trend in the pair is bullish. GMMA has shown a shift in trend to bullish on the daily charts.

On the daily charts, oscillators have approached overbought levels and are on verge of rollover into neutral territory.

Price action has broken below 5-DMA and Stochastics RSI is showing rollover from overbought levels.

A potential 'Shooting Star' formation on the weekly charts raises scope for weakness.

Further, bearish divergence on RSI and Stochs on the daily charts adds to the bearish bias.

The pair finds strong support at 20-DMA at 280, break below will see weakness till 55-EMA at 252

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