Rajarshi Mitra
Independent Analyst
- The MACD indicator shows increasing bearish momentum.
- The market is trending below the SMA 200, SMA 50 and SMA 20 curves.
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.
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