Ethereum Price Analysis: ETH/USD bears remained in control as the price consolidates below the $215 level
- ETH/USD bears remained in control of the market for the second straight day.
- William’s %R is trending around -5.55 in the overbought zone, so more bearish correction may be expected.
- The MACD shows that the market momentum has reversed from bearish to bullish.
ETH/USD daily chart
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ETH/USD bears remained in control for the second straight day as the price fell from $214.66 to $213.46. Despite the adverse price action, the MACD shows that the market momentum has reversed from bearish to bullish. William’s %R is trending around -5.55 in the overbought zone, so more downward price correction may be expected.
The price faces two strong resistance levels on the upside at $223 and $232.63. On the downside, healthy support lies at $207.15, SMA 20 and $197.
Key levels
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.
