Ethereum Price Analysis: ETH/USD consolidates below $170
- ETH/USD went up from $166.75 to $169.45 this Tuesday.
- The Elliott Oscillator has had four straight red sessions showing growing bearish sentiment.
ETH/USD daily chart
-637152569688596552.png)
ETH/USD bears have taken control in the early hours of Wednesday, following a bullish Tuesday where the price went up from $166.75 to $169.45. Currently, the asset is priced around $169 and is hovering above the SMA 50 and SMA 20 curves. The $167.65 support level is holding the market up. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum, while the Elliott Oscillator has had four straight red sessions showing growing bearish sentiment. Finally, the Relative Strength Index (RSI) indicator is trending along the edge of the overbought zone, hinting that more bearish correction may be around the corner.
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.
