Crypto Technicals: ETH/USD breaks out of weekly cloud, $300 levels in sight

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

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

Overbought/ Oversold Index: Highly Overbought

Volatility: High and Rising

Support: 269.66 (61.8% Fib); Resistance: 300 (psychological mark)

ETH/USD is extending previous session's surge, breaks above 61.8% Fib at 269.66.

The pair was trading 2.53% higher on the day at 272.99 after closing 11.98% higher in the previous session.

Momentum strongly bullish. Volatility is rising on the daily and weekly charts, scope for further upside.

Price action has broken out of weekly cloud and is on track to test $300 levels.

61.8% Fib is immediate support at 269.66. Break below 5-DMA (245.32) will see dip till 21-EMA at 209.62.

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