Crypto Technicals: ETH/USD recovery lacks follow through, grinds lower along 5-DMA

ETH/USD chart - Trading View

Exchange - Coinbase

Support: 113.50 (Trendline); Resistance: 128.28 (5-DMA)

Technical Analysis: Bias Bearish

ETH/USD bounce off trendline support on Wednesday's trade lacks follow through.

The pair is extending weakness for the second straight session, trades 1.59% lower at 126.14 at 05:40 GMT.

Upside remains capped at 5-DMA which is immediate resistance at 128.28. Price grinds lower along downward sloping 5-DMA.

Major and minor trend remains bearish, scope for retest of trendline support at 113.50.

Price action is currently consolidating below 55H MA. Breach at trendline support will open further downside for the pair.

200H MA is strong resistance at 136.40. Break above 21-EMA (141.55) could change near-term dynamics.

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