Crypto Technicals: ETH/USD retreats from 6-week highs at 217.49, close below 200-DMA to see further weakness

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 198.51 (55-EMA); Resistance: 228.58 (110W EMA)

Technical Analysis: Bias turning bearish for near-term

ETH/USD trades 1.84% lower on the day at 206.40 at 06:00 GMT, bias is turning slightly bearish.

Weakness in Bitcoin prices weighs on the overall crypto space. Sentiment bearish.

Oscillators are showing a rollover from overbought levels, close below 200-DMA will see further weakness.

Also, 'Shooting Star' pattern formed on the previous day's candle raises chance for more correction.

The pair has edged higher from session lows at 200.98, hovers around 200-DMA at 205.75.

Below 200-DMA, 55-EMA is next strong support at 198.51. Break below 55-EMA will see dip till 21-EMA (190.05).

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