Ethereum price analysis: ETH/USD drops after finding intraday resistance at $174.75
- ETH/USD is trending in a downward channel formation.
- The Elliott Oscillator has had six straight bearish sessions.
ETH/USD keeps trending in a downward channel formation, after charting two straight bearish days in a row. This Friday, ETH/USD fell from $177.55 to $173.25 and it has dropped further to $172. The hourly price chart shows us that ETH/USD fell from $177.55 to $170, where it found short-term support and bounced up. The bulls managed to push ETH/USD up to $174.75, where it found intraday resistance. Since then, the price managed to correct itself around $173.25.
ETH/USD daily chart
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The price is trending below the 20-day, 50-day and 200-day Simple Moving Average (SMA 20, SMA 50 and SMA 200) curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows bearish market momentum, while the Elliott Oscillator has had six straight bearish sessions.
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.
