Crypto Technicals: ETH/USD holds 21-EMA support (135.60), break below will accentuate weakness

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bearish

GMMA Indicator: Major Trend - Bearish; Minor Trend - Turning Bearish

Overbought/ Oversold Index: Neutral

Support: 135.57 (21-EMA); Resistance: 140.24 (5-DMA)

ETH/USD is extending weakness for the 4th straight session, trades 1.50% lower at 135.81 at 05:45 GMT. The pair is extending weakness after failure at 55-EMA. Scope for further downside.

Technical indicators are turning bearish. Stochs and RSI have rolled over from overbought levels and are biased lower. The pair is currently holding above 21-EMA support at 135.60. Break below will accentuate weakness.

Major trend as evidenced by the GMMA indicator has been bearish. Long-term moving averages are biased lower. Short-term moving averages are now turning south suggesting a bearish shift in the near-term trend. Stochastics RSI is also on verge of rollover from overbought levels.



On the hourly charts, the pair is hovering around 200H MA which is strong support at 136.58. Decisive break below will add to the bearish bias. Further, a bearish divergence on RSI and Stochs supports weakness.

Next immediate support below 21-EMA lies at 20-DMA at 132.41 ahead of 125.52 (Jan 3rd low). 5-DMA is immediate resistance at 140.26. Breakout at 55-EMA required for meaningful upside.

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