Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
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Crypto Technicals: ETH/USD bounces off 200H MA support, 'Dragonfly Doji' raises scope for upside resumption
ETH/USD chart - Trading View
Exchange - Coinbase
Technical Analysis: Bias Bullish
Support: 162.51 (200H MA); Resistance: 169.05 (5-DMA)
ETH/USD was trading 0.89% higher on the day at 168.17, after closing largely muted on the previous day.
The pair has bounced off 200H MA at 162.51 and is holding above 110-EMA at 159.28.
A 'Dragonfly Doji' formation on the previous days' candle raises scope for further upside.
Major trend in the pair has shown a shift higher, while short-term moving averages have crossed over long-term MAs.
Price action is now sandwiched between 110-EMA and 200-DMA. Breakout at 200-DMA will propel the pair higher.
Next major resistance lies at 55W EMA at 197.80 ahead of 110W EMA at 209.56 and 38.2% Fib at 211.08.
On the flipside, break below 110-EMA at 159.27 will see dip till 55-EMA at 150.20. Breach below 55-EMA negates near-term bullish bias.