Ethereum price analysis: ETH/USD bears negate the gains made by bulls on Sunday
- ETH/USD fell from $211.50 to $206.85 this Tuesday.
- Moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum.
ETH/USD had two strong bearish days in a row this week. Over the day, the price fell from $211.50 to $206.75. The hourly breakdown shows us that the price initially plunged to $209.25 before the bulls stepped back in and took it back up to $211. However, this was when the price plummeted and fell to $205. The price since corrected itself around $206.75.
Over the last two days, the price fell from $216.50 to $206.85. In the process, the bears have negated the gains they made this Sunday, wherein the price went up from $206.25 to $216.50.
ETH/USD daily chart
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The price is trending above the 200-day simple moving average (SMA 200) and below the SMA 50 and SMA 20 curves. SMA 20 works as an immediate market resistance. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The Elliot oscillator shows that four sessions out the last five are bearish.
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.
