Crypto Technicals: ETH/USD erases gains, hovers around 55-EMA, bias remains bullish

ETH/USD chart - Trading View 

Exchange - Coinbase

Technical Analysis: Near-Term Bullish

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

Overbought/ Oversold Index: Overbought with scope to run further

Support: 140.29 (5-DMA); Resistance: 151.71 (Cloud base)

ETH/USD was trading 1.17% higher on the day at 144.77 at 05:40 GMT, after closing 0.77% lower in the previous session.

The pair has formed a 'hammer' pattern on Tuesday's candle suggesting buying pressure at lows.

55-EMA is proving a tough barrier. Price has slipped lower from session highs at 148 and is hovering around 55-EMA (currently at 144.70).

Technical indicators support gains. Volatility is rising and decisive breakout at 55-EMA will see gains.

MACD supports upside and histogram is well in the positive territory. +ve DMI dominance and rising ADX support gains.  

Bullish divergence seen on RSI and Stochastics raises scope for upside. Breakout at 55-EMA finds next major hurdle at daily cloud (151.71).

5-DMA is immediate support at 140.29. Break below 21-EMA negates near-term bullish bias.