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Ethereum price analysis: Bears wrestle back control following a bullish Thursday

  • The MACD indicator shows increasing bearish momentum.
  • The market is trending below the SMA 200, SMA 50 and SMA 20 curves.
Ethereum price analysis: Bears wrestle back control following a bullish Thursday
Rajarshi MitraRajarshi MitraIndependent Analyst

The ETH/USD bears have taken back full control of the market following a bullish Thursday, where the price went up from $175 to $177.45. Currently, it has settled down to $176.15. The price is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The 20-day Bollinger jaw has constricted, indicating decreasing market volatility. Looking at the hourly ETH/USD chart, we can see that the price found support at $173 and jumped up to $177.75. The price swung back and forth for a bit before it corrected around $176.15.

ETH/USD daily chart

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Bulls must overcome resistance at $182 to continue its upward momentum. The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum, while the Elliott Oscillator has had five straight bearish sessions of growing intensity.
 

Author

Rajarshi Mitra

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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