Crypto Technicals: ETH/USD hovers around 5-DMA, overbought conditions may lead to further unwinding

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 193 (21-EMA); Resistance: 300

Technical Analysis: Bias Bullish

ETH/USD extends retrace from 8-month highs of 281

The pair slumped over 12% on the day to hit lows of 224 before paring some losses to trade at 235 at 10:50 GMT

Price action is currently hovering around 5-DMA and close below will see further weakness

Further, overbought conditions in oscillators supports further unwinding

Immediate support below 5-DMA lies at 38.2% Fib at 204.92. Further weakness will see test of 21-EMA at 193

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