Ethereum Price Analysis: ETH/USD drops down after encountering resistance at the SMA 200
|- ETH/USD went up from $164.70 to $173.31 this Wednesday.
- The Elliott Oscillator has had 24 straight green sessions going up from -98.73 to 21.35.
ETH/USD daily chart
ETH/USD is currently consolidating in a flag formation as it dropped from $173.31 to $171.75 in the early hours of Thursday. The price encountered resistance at the SMA 200 and fell down. If the bulls were to regain control, they have three obvious goals - take the price up to $173.50 and break above the SMA 200, go above $176.50 to break above the SMA 50. Finally, they need to take the price above the $185.45 level to go past the red Ichimoku cloud. The Elliott Oscillator has had 24 straight green sessions, going up from -98.73 to 21.35 in the process.
Key levels
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