Crypto Technicals: ETH/USD hovers around 200H MA (128.48), decisive break below to see downside resumption

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 128.48 (200H MA); Resistance: 132.64 (21-EMA)

Technical Analysis: Bias Bearish

ETH/USD was trading 0.96% lower on the day at 128.94 at 05:15 GMT after closing 1.28% higher in the previous session.

The pair has failed to hold break above 21-EMA which offers stiff resistance at 132.64.

Major trend in the pair is bearish and failure at 21-EMA has dented scope for further recovery.

Technical indicators support weakness. RSI below 50 and Stochs are biased lower. Stochastics RSI is on verge of rollover from overbought levels.

Price action hovers around 200H MA (128.48). Decisive break below will see resumption of weakness.

Next major support lies at lower Bollinger Band at 120.13. Break below eyes 88.6% Fib at 112.96.

Immediate resistance is seen at 21-EMA at 132.64. Break above could see near-term upside.

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