Ethereum Technical Analysis: Bears take over the market
|ETH/USD Daily Chart
- ETH/USD is currently trading at $161.50 as markets opened this Thursday.
- The market is currently consolidating in a flag formation.
- The market is trending above the SMA 200 and SMA 50 curves while it finds resistance at the SMA 20 curve.
- The nearest resistance lies at $164.85 while the closest support level is at $158.50.
- The relative strength index is at the neutral zone.
ETH/USD 4-Hour Chart
- The 4-hour market is trending below the SMA 200 curve.
- The SMA 200 curve has crossed over the SMA 50 curve, which is a definite bearish sign.
- The three latest sessions of the Elliot wave oscillator are bearish.
ETH/USD Hourly Chart
- As per the Ichimoku indicator, the current and future sentiment of the hourly ETH/USD chart is bearish.
- The market found support at the $161.20 line and is trending horizontally for now.
- The moving average convergence divergence (MACD) indicator shows 20 consecutive bearish sessions.
Key Levels
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