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Crypto Technicals: ETH/USD ends consolidation, break below 50-DMA and rising volatility support downside

ETH/USD chart - Trading View 

Exchange - Coinbase

Support: 171.28 (Cloud base); Resistance: 180.77 (50-DMA)

Technical Analysis: Bias turning bearish

ETH/USD has ended the consolidation phase, bias has turned bearish.

The pair was trading 0.96% lower at 176.10 at 06:45 GMT after closing 3.28% lower in the previous session.

Price action is extending break below 50-DMA support and rising volatility raises scope for further weakness.

Technical studies are strongly bearish, Stochs and RSI are biased lower and RSI has fallen below 50 mark.

Major trend is flat, however, near-term trend has shifted to bearish as shown by the GMMA indicator. 

Next major support lies at 155 (Lower W BB). Immediate resistance lies at 5-DMA at 179.97.  Break above 110-EMA (190.31) will negate near-term bearish bias.  
 

By Anupama Grandhi
  • Market Data
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