Crypto Technicals: ETH/USD extends choppy trade around 5-DMA, bias bearish

ETH/USD chart - Trading View 

Exchange - Coinbase

Support: 141.35 (78.6% Fib); Resistance: 149.39 (110H EMA)

Technical Analysis: Bias Bearish

ETH/USD is extending choppy trade around 5-DMA, major trend remains bearish.

The pair was trading largely muted at 147.69 at 07:05 GMT after closing 1.32% higher in the previous session.

The pair has bounced off multi-month lows with  a 'Spinning Top' formation which shows buying pressure at lows.

Formation of a 'Bullish RSI Divergence' on the hourly charts raising scope for further upside.

Stiff resistance is seen at 110H EMA currently at 149.39, break above will see further gains. 

Next major resistance aligns at 200H MA at 161.70 ahead of 21-EMA at 167.44. Bearish invalidation only above 200-DMA.

Major trend remains bearish. Rejection at 21-EMA will see resumption of weakness.