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.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

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

ETH/USD

Overview
Today last price	230.52
Today Daily Change	-3.27
Today Daily Change %	-1.40
Today daily open	233.79

Trends
Daily SMA20	238.66
Daily SMA50	218.62
Daily SMA100	186.17
Daily SMA200	183.38

Levels
Previous Daily High	237.21
Previous Daily Low	227.74
Previous Weekly High	250.41
Previous Weekly Low	225.52
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	231.36
Daily Fibonacci 61.8%	233.59
Daily Pivot Point S1	228.61
Daily Pivot Point S2	223.44
Daily Pivot Point S3	219.14
Daily Pivot Point R1	238.09
Daily Pivot Point R2	242.39
Daily Pivot Point R3	247.56

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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Ethereum Price Analysis: ETH/USD drops below the upward trending line following bearish price action