Ethereum Price Analysis: Looking into the ETH/USD and ETH/BTC daily charts as bearish correction begins

ETH/USD had flown up from $152.85 to $172.58 this Thursday.
ETH/BTC lost momentum at the 0.0243 resistance level.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD faced a bearish start to the day following an overtly bullish Thursday. The price has gone down slightly from $172.58 to $171.69 and is currently facing resistance at the downward trending line and the SMA 200 curve. This Thursday, ETH/USD broke past the SMA 50 during its ascent from $152.85 to $172.58. The Elliott Oscillator has had two green sessions following two straight red sessions.

ETH/BTC daily chart

ETH/BTC bounced off the red Ichimoku cloud and went up from 0.023 to 0.0243 this Thursday, breaking above the pennant structure, in the process. This breakout was an early indicator of the crypto market’s overall bullish movement this Thursday. Currently, tt looks like the bulls have run out of steam near the 0.0243 level as ETH/BTC has dropped a bit to 0.0242. The RSI indicator is trending horizontally around 67.27, next to the overbought zone.

Key levels

ETH/USD

Overview
Today last price	170.69
Today Daily Change	-1.88
Today Daily Change %	-1.09
Today daily open	172.57

Trends
Daily SMA20	151.18
Daily SMA50	162.99
Daily SMA100	183.06
Daily SMA200	172.2

Levels
Previous Daily High	174.94
Previous Daily Low	148.3
Previous Weekly High	176.48
Previous Weekly Low	140.8
Previous Monthly High	252.76
Previous Monthly Low	89.65
Daily Fibonacci 38.2%	164.76
Daily Fibonacci 61.8%	158.48
Daily Pivot Point S1	155.6
Daily Pivot Point S2	138.64
Daily Pivot Point S3	128.97
Daily Pivot Point R1	182.23
Daily Pivot Point R2	191.9
Daily Pivot Point R3	208.86

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.

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Ethereum Price Analysis: Looking into the ETH/USD and ETH/BTC daily charts as bearish correction begins