Ethereum price analysis: Will the real ETH/USD bulls please stand up?
- The Elliott Oscillator has had a red session after seven straight green sessions.
- The Relative Strength Index is hovering next to the oversold zone.
ETH/USD daily chart
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ETH/USD has gone down from $147.65 to $146.75 this Wednesday, charting an intraday high and low of $153.15 and $143.55, respectively. The bears have taken control of the market for the fifth day in a row, after failing at the $155 price level. The market is currently floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The buyers will need to defend the $141.35 and $139 support levels to prevent further price degradation.
The Relative Strength Index (RSI) indicator is trending around 35.35, right next to the oversold zone, while the Elliott Oscillator has had a red session following seven straight green sessions. The Moving Average Convergence/Divergence shows sustained bearish market momentum.
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.
