Ethereum price analysis: Bears stall re-entry into the $190-zone
- ETH/USD went down from $187.20 to $185.75 in the early hours of Wednesday.
- ETH/USD is struggling to break past the downward trending line.
ETH/USD is on the course of having two bearish days in a row and four bearish days out of the last five. In the early hours of Wednesday, ETH/USD has gone down from $187.20 to $185.75. Earlier on Tuesday, ETH/USD went down from $188.50 to $187. The hourly breakdown shows that the price fell from $188.50 to $186 in the early hours of Tuesday before the bulls took the price up to $186. The bears quickly stepped back in and brought the price back down to $185.65. The bulls then spiked the price up to $188.40, before the bears once again stepped in and took it down to $185.80. The bulls rallied up for one last hurrah and took ETH/USD up to $187.15, but the bears quickly stifled that and took it down to $185.75.
ETH/USD daily chart
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The daily ETH/USD chart is trending below the downward trending line and the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The Elliott oscillator has had a bearish session after two straight bullish 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.
