Ethereum Price Analysis: ETH/USD drops below the upward trending line following bearish price action
- ETH/USD bears remain in control for the second straight day as they aim for the $230 price level.
- The 20-day Bollinger Band has narrowed, which shows decreasing price volatility.
- The Elliott Oscillator has had eight consecutive red sessions.
ETH/USD daily chart
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ETH/USD bears remained in control of the market for the second straight day as the price dipped from $233.77 to $230.20. The price dropped below the upward trending line, while still hovering between the SMA 20 and SMA 50 curves.
The 20-day Bollinger jaw has narrowed considerably, which shows decreasing price volatility. The Elliott Oscillator has had eight consecutive red sessions, while William’s %R has dipped down from the neutral zone to -62.90, following the bearish price action.
Support and Resistance
ETH/USD faces three strong resistance levels at $237.57, SMA 20 and $248.48. On the downside, there are three healthy support levels at $230, $220.85 and SMA 50.
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.
