Ethereum price analysis: Bears take over as ETH/USD consolidates in flag formation
- ETH/USD is currently priced at $167.72.
- The MACD indicator shows three straight bearish sessions.
Following a slightly bullish Wednesday, the bears have taken control of the market in the early hours of Thursday. So far, the price has gone down from $170 to $167.72. The hourly breakdown shows us that since yesterday, the bulls and bears are locked up in an intense tug-of-war. The price has been trending horizontally between $173.35 to $164.30
ETH/USD daily chart
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The price is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The price is currently consolidating in a flag formation, getting primed for a possible breakout. The Moving Average Convergence/Divergence (MACD) indicator shows three straight bearish sessions. The Relative Strength Index (RSI) indicator was about to dive into the oversold zone before it corrected itself. Currently, it is trending around 37.50, right next to the oversold territory.
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.
