Ethereum Price Analysis: ETH/USD tries to consolidate above $230 following Wednesday’s bloodbath
- ETH/USD bears have managed to stay in control for the third straight day.
- William’s %R has dropped from the overbought zone onto the neutral zone.
ETH/USD daily chart
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ETH/USD bears have managed to stay in control for the third straight day. The price has dropped slightly from $234.53 to $234.47, as ETH/USD continues consolidation above the $230-level. William’s %R has fallen from the edge of the overbought zone to the neutral territory, where it is currently trending horizontally. Finally, the Elliott Oscillator shows four straight green sessions, despite recent bearish price actions.
Support and Resistance
ETH/USD has two strong resistance levels at $242.80 and $248.15. On the downside, we have healthy resistance at $237.70 (SMA 20), $231, $227.80 and $222.25 (SMA 50).
Key levels
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.
