Crypto Technicals: ETH/USD closes above 5-DMA, set to resume bullish momentum

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

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

Overbought/ Oversold Index: Overbought

Volatility: High and Rising

Support: 271.02 (5-DMA); Resistance: 301.44 (74.6% Fib)

ETH/USD was trading 1.09% lower on the day at 280.23 at around 06:05 GMT.

The pair has retraced above 5-DMA and is set to resume bullish momentum.

Volatility is high and rising. MACD is well in the positive territory and supports uptrend.

'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) adds to the bullish bias.

The pair is on track to test 301.44 (74.6% Fib) ahead of 318.60 (July 9th high).

5-DMA is immediate support at 270.81. Retrace below 21-EMA (237.48) to see near-term weakness.

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