Ethereum price analysis: ETH/USD bears look to drop the price below $175-level
|- ETH/USD is currently consolidating the price in a flag formation.
- The Elliott Oscillator has had a bearish session after six straight bullish sessions.
ETH/USD has had a bearish start to the day as the price of the asset fell from $176.20 to $175.20. The hourly breakdown shows that ETH/USD faced intense selling pressure during the first three hours of Saturday, dropping from $176.20 to $175.10 in the process. The bulls were then able to come back and bring the price up to $175.20. As can be seen in the chart below, the ETH/USD is currently consolidating itself in a flag pattern. This is usually an indication of an upcoming breakout.
ETH/USD daily chart
ETH/USD is trending below the 200-day, 50-day and 20-day Simple Moving Average (SMA 200, SMA 50 and SMA 20) curves. The Moving Average Convergence/Divergence (AMCD) indicator shows 12 straight bearish sessions, while the Elliott Oscillator has had a bearish session after six consecutive bullish sessions.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.