Crypto Technicals: ETH/USD extends previous session's recovery, eyes 110H EMA at 151.22

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 144.98 (50H MA); Resistance: 151.22 (110H EMA)

Technical Analysis: Bias Neutral

ETH/USD is extending previous session's gains, trades 1.43% higher at 147.99 at 04:45 GMT.

The pair has bounced off multi-month lows with a 'Spinning Top' formation which shows traders hesitation to drag prices lower.

Price action has broken above 50H MA which was capping upside since Nov 18th trade.

Price action has also formed a 'Bullish RSI Divergence' on the hourly charts raising scope for further upside.

The pair now eyes 110H EMA at 151.22, break above will see further gains. Next major resistance aligns at 200H MA at 161.70 ahead of 21-EMA at 167.44.

Major trend remains bearish. Bearish invalidation only above 200-DMA.

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