Ethereum price analysis: ETH/USD has three bearish days out of the last four
- ETH/USD went down from $221.25 to $210.35 over this Friday.
- Elliot oscillator has had a bearish session after 16 straight bullish sessions.
ETH/USD has had three bearish days out of the last four. This Friday, the price of the asset went down from $221.25 to $210.35. Over the previous four days, ETH/USD went down from $233.55 to $210.35, charting a 9.93% drop in price. Looking at the hourly breakdown, we can see that ETH/USD fell from $221.25 to $209, where it found support. The price buoyed up to $210.85, trended for a while, and then fell to $207.65. The bulls re-entered towards the end and took ETH/USD up to $210.35.
ETH/USD daily chart
The 20-day Bollinger jaw narrowed, indicating decreasing market volatility. This Friday’s price session broke past the support provided by the 20-day simple moving average (SMA 20) curve. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum, while the Elliot oscillator has had a bearish session after 16 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.
