Ethereum market overview: Bears take over and pull the price back below $300
- ETH/USD has gone down from $309.80 to $297.75 in the early hours of Saturday.
- ETH/USD market momentum has turned bearish, as per the technical analysis.
ETH/USD bears are in full control of the market in the early hours of Saturday as the price has gone down from $309.80 to $297.75. According to the 15-min chart, the price fell by $308 to $297.25 within one hour. The daily price is currently trending in a flag formation. The market has found support on the upwards trending line. Looking at the 60-min chart, ETH/USD has had four straight bearish sessions this Saturday.
ETH/USD daily chart
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The 20-day Bollinger jaw is narrowing, indicating decreasing market volatility. The market is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The bulls will need to defend the support level at $295, to prevent a further market downturn. The moving average convergence/divergence (MACD) indicator shows that the MACD line has crossed over the signal line, indicating that market momentum has turned bearish. The Elliot oscillator has had three straight bearish sessions.
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.
