Crypto Technicals: ETH/USD struggles to extend gains, break below 21-EMA could see further weakness

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 289.81 (21-EMA); Resistance: 302.11 (23.6% Fib)

Technical Analysis: Bias neutral to slightly bearish

ETH/USD upside capped below 23.6% Fib. The pair edges lower from session highs at 301.23.

Recovery lacks traction, technical indicators are still biased lower.

RSI flat-lined, but holds above 53 levels. Momentum still bearish with Stochs sharply lower.

That said, the pair is extending price action is 'Rising Channel' pattern and price action has bounced off channel support.

'Hammer' pattern on previous days' candle raises scope for upside. Close above 5-DMA with turn in indicators should see upside resumption.

On the downside, 21-EMA is strong support. The pair is managing to hold above. Decisive breach below will see further weakness.

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