Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Neutral

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

Overbought/ Oversold Index: Near Overbought

Volatility: High and Rising

Support: 255.41 (200H MA); Resistance: 290 (Feb 15th high)

ETH/USD was trading largely muted at 267.54 at around 07:00 GMT, with session highs at 272 and lows at 263.71.

The pair has retraced a brief dip below 200H MA and is currently hovering around 5-DMA at 269.08.

Momentum studies are strongly bullish. Major and minor trend as evidenced by the GMMA are bullish.

'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) has limited downside in the pair.

Retrace above 5-DMA will see upside resumption. Scope for test of 300 levels with next major hurdle at 306.90 (76.8% Fib).

200H MA is strong support at 255.60. Decisive break below will see near-term weakness.

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