Ethereum price analysis: ETH/USD falls below $175 as bearish sentiment continues
- ETH/USD is currently trading for $173.50.
- ETH/USD went down from $175.25 to $173.25 within the first hour of Friday.
ETH/USD had a bearish start to Friday as the price went down from $175.25 to $173.50, going below the $175-level in the process. This follows a bearish Thursday where ETH/USD fell from $181.15 to $175.25. The hourly breakdown shows us that ETH/USD had fallen to $172 before it recovered to $175.25 to close out Thursday. However, the bulls immediately took control as Friday began, taking the price down from $175.25 to $173.25 within one hour. Since then, the buyers and sellers have been engaged in a tug of war to take back control of the market.
ETH/USD daily chart
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ETH/USD found resistance on the downward trending and both the 50-day and 20-day Simple Moving Average (SMA 50 and SMA 20) curves. The widening of the 20-day Bollinger jaw hints at increasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing, yet sustain bearish momentum, while the Elliott Oscillator shows six straight bullish 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.
