Ethereum price analysis: ETH/USD bears look to drop the price below $175-level
- ETH/USD is currently consolidating the price in a flag formation.
- The Elliott Oscillator has had a bearish session after six straight bullish sessions.
ETH/USD has had a bearish start to the day as the price of the asset fell from $176.20 to $175.20. The hourly breakdown shows that ETH/USD faced intense selling pressure during the first three hours of Saturday, dropping from $176.20 to $175.10 in the process. The bulls were then able to come back and bring the price up to $175.20. As can be seen in the chart below, the ETH/USD is currently consolidating itself in a flag pattern. This is usually an indication of an upcoming breakout.
ETH/USD daily chart
-637058433749033383.png)
ETH/USD is trending below the 200-day, 50-day and 20-day Simple Moving Average (SMA 200, SMA 50 and SMA 20) curves. The Moving Average Convergence/Divergence (AMCD) indicator shows 12 straight bearish sessions, while the Elliott Oscillator has had a bearish session after six consecutive 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.
