Crypto Technicals: ETH/USD comatose above 200-DMA (175.62), bias strongly bullish

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

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

Overbought/ Oversold Index: Approaching overbought

Volatility: Shrinking

Support: 170.02 (5-DMA); Resistance: 183.63 (Upper BB)

ETH/USD is consolidating previous session's gains, trades comatose around 200-DMA (175.62).

The pair has bounced off strong support at 21-EMA and daily cloud and is on track for further gains.

Price action is extending break above 21W EMA (166.80) and technical indicators have turned bullish.

Major and minor trend as evidenced by the GMMA indicator are bullish and breakout at 200-DMA will propel the pair higher.

Next major hurdle lies at 55W EMA at 167.02 ahead of 110W EMA at 208.96 and 38.2% Fib at 211.08.

5-DMA is immediate support at 170.02. Rejection at 200-DMA and break below 21-EMA (161.96) will see near-term weakness.

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