Ethereum price analysis: ETH/USD lacks the momentum needed to break above downward trending line
- The Moving Average Convergence/Divergence (MACD) indicates sustained bearish momentum.
- The Elliott Oscillator is back to being in the green after one bearish session.
ETH/USD is on course of charting three bearish days in a row. This Tuesday, ETH/USD had dropped from $174.62 to $171.55 and has gone down further to $171.20 so far this Wednesday. The market has struggled to break above the downward trending line. Along with that, the 20-day Simple Moving Average (SMA 20) and SMA 50 curves act as immediate market resistance. The hourly chart shows us that the price went up to $175.30 before it dropped to $171.20.
ETH/USD daily chart
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The 20-day Bollinger jaw has constricted, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicates sustained selling momentum. Following this Tuesday’s bearish session, the Elliott Oscillator went back to being in the green.
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.
