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

fxsoriginal

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.
 

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