Crypto Technicals: ETH/USD finds strong support at 155, near-term weakness only on break below

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Neutral; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High

Support: 158.28 (110-EMA); Resistance: 174.83 (23.6% Fib)

ETH/USD was trading 3.87% lower on the day at 159.82 at around 04:25 GMT, slightly higher from session lows at 158.17.

The pair is on track for a potential 'Shooting Star' formation on the daily charts, after closing with a Doji formation in the previous session.

That said, technical studies do not support weakness for now, though, overbought oscillators could cause minor pullbacks.

The pair finds series of strong support till 155 level - 110-EMA at 158.28, 5-DMA at 156.49 and cloud top at 155.43.

Breach below cloud top support could see drag till 200H MA at 146.68. Violation there could change near-term dynamics.

On the other side, 23.6% Fib is immediate resistance at 174.83. Break above 200-DMA (183.53) confirms bullish continuation.

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