Crypto Technicals: ETH/USD set to extend correction, next bear target 55-EMA at 218

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 218.84 (55-EMA); Resistance: 253.62 (20-DMA)

Technical Analysis: Bias Bearish

ETH/USD trades marginally higher on the day at 234.18, up 1.31% at 10:35 GMT.

The pair has paused downside, but technical analysis supports further weakness.

Bearish 5 and 20 DMA crossover, rising volatility on the daily charts and 'Bearish divergence' suggest downside.

Price action has retraced below 55-W EMA and 'Doji' on weekly charts adds to the bearish bias.

Next major support lies at 55-EMA at 218.84. Violation there will see dip till 38.2% Fib at 209.25.

5-DMA is immediate resistance at 241.70. Break above could see gains till 20-DMA at 253.61.

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