Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains

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).

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