Ethereum price analysis: ETH/USD keeps trending in a bearish channel
- ETH/USD bears managed to eke out an advantage over the bulls this Friday.
- The Elliott Oscillator has had 16 green sessions out of the last 18.
ETH/USD daily chart
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ETH/USD bears have taken control of the market following a bullish Thursday. This Friday, the bears managed to eke out an advantage and still remain in control this Saturday. Currently, ETH/USD is trending in a bearish channel formation and is priced around $144.85. The 20-day Simple Moving Average (SMA 20) acts as immediate market resistance and the 20-day Bollinger Band has constricted, showing decreasing market volatility. The Elliott Oscillator has had 16 green sessions out of the last 18, while the Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. The Relative Strength Index (RSI) indicator is trending around 37.80, next to the oversold zone.
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.
