Ethereum Price Analysis: ETH/USD bulls failed at the $250-level
- ETH/USD went down from $255 to $242.45 this Wednesday.
- Relative Strength Index (RSI) indicator dipped out of the overbought zone.
The Ethereum market began the day positively as its price went up from $255 to $263. The bears immediately corrected the market and, over the next three hours, took the price down to $254.75. The bulls then briefly pushed the price up to $259.75, before sustained bearish domination saw the price fall to $242.45. In the process, the $250 support level was readily breached by the bears.
ETH/USD Daily Chart
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- The price is still trending in the upper-half of the 20-day Bollinger band even though it is creeping towards the SMA 20 curve.
- The SMA 200, SMA 50, and SMA 20 curves are all trending below the BTC/USD daily chart.
- On the downside, the nearest support level is at $235.
- The support line is converging with the MACD line showing decreasing bullish momentum.
- The Elliot Oscillator shows three consecutive bearish sessions.
- The relative strength index (RSI) indicator has crept out of the overbought zone.
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.
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