Crypto Technicals: ETH/USD extends choppy trade around 5-DMA, bias bearish

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 141.35 (78.6% Fib); Resistance: 149.39 (110H EMA)

Technical Analysis: Bias Bearish

ETH/USD is extending choppy trade around 5-DMA, major trend remains bearish.

The pair was trading largely muted at 147.69 at 07:05 GMT after closing 1.32% higher in the previous session.

Bounce off multi-month lows with a 'Spinning Top' formation shows buying pressure at lows.

Formation of a 'Bullish RSI Divergence' on the hourly charts raises scope for further upside.

Stiff resistance is seen at 110H EMA (currently at 149.39), break above will see further gains.

Next major resistance aligns at 200H MA at 156.95 ahead of 21-EMA at 165.54. Bearish invalidation only above 200-DMA.

Major trend remains bearish. Rejection at 21-EMA will see resumption of weakness.

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