Crypto Technicals: ETH/USD ignores 'Hammer' at lows, resumes weakness in early trade

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 168.50 (trendline); Resistance: 189.05 (61.8% Fib)

Technical Analysis: Bias Bearish

ETH/USD has resumed weakness after a brief pause in the previous day's trade.

The pair has ignored 'Hammer' formation on Thursday's trade and technical bias remains bearish.

ETH/USD was trading at 181.37, down 3.72% at 05:45 GMT, consolidates below 61.8% Fib.

No major signs of reversal seen. Bias is bearish and volatility is rising which suggests further downside.

Scope for test of trendline support at 167.85. Violation there to see 146 levels.

On the flipside, 200-DMA is strong resistance at 195.39. Retrace above negates near-term bearishness.

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