Ethereum price analysis: ETH/USD falls below the $180-level and struggles to stay above $175
- ETH/USD is currently priced at $176.10 in the early hours of Wednesday.
- The price has found resistance at the SMA 20 and SMA 50 curves.
Bears have taken control of the ETH/USD market for the second day in a row. ETH/USD is currently priced at $176.10. Yesterday, ETH/USD had a heavily bearish day where it fell from $181.70 to $176.35, dropping below the $180-zone in the process. The hourly breakdown shows us that the price went up to 184.25, where it met massive resistance and fell to $178.85. The price then found resistance around the $180-zone and fell to $175.55. The price has since adjusted around $176.10.
ETH/USD daily chart
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The 50-day Simple Moving Average (SMA 50) and SMA 20 curves act as immediate market resistance. The price is also trending below the SMA 200 curve. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bearish momentum, while the Elliott Oscillator has had four 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.
