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Crypto Technicals: BTC/USD correction likely to be shallow, watch out for break above 200-DMA for bullish continuation
Crypto Technicals: ETH/USD retreats from 6-week highs at 217.49, close below 200-DMA to see further weakness
ETH/USD chart - Trading View
Exchange - Coinbase
Support: 198.51 (55-EMA); Resistance: 228.58 (110W EMA)
Technical Analysis: Bias turning bearish near-term
ETH/USD trades 1.84% lower on the day at 206.40 at 06:00 GMT, bias is turning slightly bearish.
Weakness in Bitcoin prices weighs on the overall crypto space. Sentiment bearish.
Oscillators are showing a rollover from overbought levels, close below 200-DMA will see further weakness.
Also, 'Shooting Star' pattern formed on the previous day's candle raises chance for more correction.
The pair has edged higher from session lows at 200.98, hovers around 200-DMA at 205.75.
Below 200-DMA, 55-EMA is next strong support at 198.51. Break below 55-EMA will see dip till 21-EMA (190.05).
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