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Crypto Technicals: ETH/USD pauses correction at cloud base, 'Doji' at lows suggests consolidation

ETH/USD chart - Trading View 

Exchange - Coinbase

Support: 201.13 (61.8% Fib); Resistance: 236.44 (110-EMA)

Technical Analysis: Bias Bearish

ETH/USD consolidates break below 110-EMA, bias remains bearish.

RSI is well below 50 and momentum studies are bearish. 'Doji' formation at lows suggests some consolidation before the next leg lower.

The pair has edged off from 2-month lows at 203 and cloud is offering strong support.

Recovery attempts seem to be capped at 110-EMA, retrace above could see further gains.

Price has slipped below major moving averages and volatility is rising. 

Test of 61.8% Fib at 201.13 on cards. Further weakness raises scope for test of 200-DMA at 182.35.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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