ETH/USD: Bears bring market price down by 3.5%

Bears take over the ETH/USD market from the bulls and pull down the market from $126.5 to $122.
Overall daily market sentiment remains bullish.

Rajarshi Mitra Independent Analyst

ETH/USD bears thoroughly thwarted the bulls this Monday by taking the market down by 3.5%. ETH/USD’s value went down from $126.5 to $122 based on market speculation. While short-term market sentiment looks bearish, the overall daily ETH/USD sentiment is still bullish.

ETH/USD daily chart

The ETH/USD bears took over this Monday’s session and brought the market price down by 3.5%. The short-term goal for the bulls is to break past the resistance offered by the downward trending line which has kept the ETH/USD market down since Monday, January 7. The following technical indicators show that the overall daily market is still bullish:

The market is still close to the upper curve of the 20-day Bollinger band.
The moving average convergence/divergence (MACD) movement shows a bullish movement.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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