Crypto Technicals: 'Spinning Top' dents upside in ETH/USD, technical bias remains bullish

ETH/USD chart - Trading View 

Exchange - Coinbase

Technical Analysis: Bias Bullish

GMMA Indicator: Major Trend - Bullish; Minor Trend - Bullish

Overbought/ Oversold Index: Overbought

Volatility: High and Rising

Support: 251.83 (5-DMA); Resistance: 269.66 (61.8% Fib)

ETH/USD was trading 1.86% lower on the day at 263.42 at around 06:10 GMT, after closing largely unchanged in the previous session.

The pair has formed a 'Spinning Top' on the previous day's candle, denting upside momentum.

Technical bias remains bullish and we see resumption of upside momentum. That said, overbought oscillators could see more correction before the next leg higher.

Price action hovers around 61.8% Fib at 269.66 and finds immediate support at 5-DMA at 251.83.

Break below 5-DMA will see test of 200H MA at 232.86. Violation there could see more weakness.

Resumption of upside will see test of 300 levels. Bullish invalidation only below 200-DMA.