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Crypto Technicals: ETH/USD holds cloud support, break below will see further downside

ETH/USD chart - Trading View 

Exchange - Coinbase

Support: 172.92 (cloud base); Resistance: 180.74 (50-DMA)

Technical Analysis: Bias Bearish

ETH/USD was trading slightly lower at 175.32 at 05:45 GMT, after closing 1.19% lower in the previous session.

The pair is consolidating break below 50-DMA, bias remains bearish.

Price action has found strong support at daily cloud base at 172.92, break below will see more weakness.

Technical indicators are biased lower and volatility is rising. Minor trend as indicated by GMMA has shifted to bearish.

Break below cloud will see weakness till trendline support at 154.20. Bearish invalidation only above 110-EMA. 
 

By Anupama Grandhi
  • Market Data
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