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ETH/USD Technical Analysis: ETH/USD drops 5% in 3 hours

Rajarshi Mitra Independent Analyst

ETH/USD hourly chart

ETH/USD went down from $139 to $132 as the market lost 5% of its value in just 3 hours.

ETH/USD daily chart

The Ichimoku indicator shows that the daily ETH/USD market is trending within the green cloud. This indicates that a breakout is imminent.
The moving average convergence/divergence shows that bearish momentum increased in the last session.

ETH/USD 4-hour chart

The last session in the 4-hour ETH/USD chart pulled the price below both the 20-day simple moving average (SMA 20) and SMA 50.
The market is still trending above the SMA 200 curve.
The relative strength index (RSI) curve has taken a sharp downtrend towards the oversold territory.
The last session was so strongly bearish it registered a bearish movement on the Elliot Wave (34,5) oscillator, even though 4 out of the previous 5 sessions were bullish.

Key Levels

Resistance 3: $145.54
Resistance 2: $143.41
Resistance 1: $140.47
Pivot Point: $138.34
Support 1: $135.40
Support 2: $133.27
Support 3: $130.34

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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