Ethereum price analysis: ETH/USD dips below $175 as bears continue to be on the driver’s seat


  • Thursday’s session has broken below the support provided by the SMA 20 curve.
  • The narrowing of the 20-day Bollinger Band shows decreasing market volatility.

ETH/USD went down from $180.85 to $174.65 this Wednesday. So far, it has fallen further to $174.15. The hourly chart shows us that the price of the asset fell from $179.20 to $174.15 in just two hours. Following that, the price has been pretty much trending horizontally. Yesterday, the price was able to break below the support provided by the 50-day Simple Moving Average (SMA 50) curve, while today it broke below the SMA 20. 

ETH/USD daily chart

fxsoriginal

The 20-day Bollinger width is around 0.14, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator has had a bearish session following nine bullish sessions. The Elliott Oscillator has also charted four straight seller-heavy sessions.
 

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