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Crypto Technicals: ETH/USD to extend correction further, next bear target 55-EMA at 218
ETH/USD chart - Trading View
Exchange - Coinbase
Support: 218.84 (55-EMA); Resistance: 253.62 (20-DMA)
Technical Analysis: Bias Bearish
ETH/USD trades marginally higher on the day at 234.18, up 1.31% at 10:35 GMT.
The pair has paused downside, but technical analysis supports further weakness.
Bearish 5 and 20 DMA crossover, rising volatility on the daily charts and 'Bearish divergence' suggest downside.
Price action has retraced below 55-W EMA and 'Doji' on weekly charts adds to the bearish bias.
Next major support lies at 55-EMA at 218.84. Violation there will see dip till 38.2% Fib at 209.25.
5-DMA is immediate resistance at 241.70. Break above could see gains till 20-DMA at 253.61.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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