Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern

ETH/USD chart - Trading View

Exchange - Coinbase

Technical Analysis: Bias Bullish

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

Overbought/ Oversold Index: Neutral

Volatility: High and Rising

Support: 240.37 (50% Fib); Resistance: 265.63 (5-DMA)

ETH/USD was trading 0.87% higher on the day at 260.82 at around 07:55 GMT.

The pair slumped overnight amid general crypto-market bearishness, closed over 8% lower at 258.66.

Price action hovers around 200H MA and has slipped below 5-DMA, more weakness likely.

A 'Bearish Engulfing' pattern on the daily charts adds to downside pressure in the pair. Dip till 50% Fib at 240.37 likely.

That said, 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) limits downside.

5-DMA is immediate resistance at 265.70, retrace above could see upside resumption.

TokenPost | [email protected]