Ethereum technical analysis: ETH/USD consolidates in a flag formation as bulls and bears engage in an unenthusiastic back-and-forth
|- ETH/USD went down from $184.50 to $182.10 this Monday.
- The SMA 50 curve has crossed over the SMA 20 curve in the hourly chart, which is a bearish sign.
ETH/USD daily chart
The daily ETH/USD is consolidating in a flag formation. This Monday price had gone up from $184.50 to $182.10. This Tuesday, the bears had taken control of the market and brought the price down to $182.75. The 50-day Simple Moving Average (SMA 50) curve acts as immediate market support.
ETH/USD four-hour chart
The four-hour chart has spiked above the green Ichimoku cloud and is currently trending in a downward channel formation. The bulls must overcome resistance at the SMA 20 curve to continue the upward momentum. The Moving Average Convergence/Divergence (MACD) indicates bearish market momentum. The Bollinger width is trending at around 0.075, which shows decreasing market volatility.
ETH/USD hourly chart
The SMA 50 has crossed over the SMA 20 curve, which is a bearish sign. Both of these curves are also acting as immediate market resistance. The 20-day Bollinger Band has gradually constricted, showing decreasing market volatility. The Relative Strength Index (RSI) indicator is trending around the neutral zone.
Key Levels
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.