Ethereum Price Forecast: ETH/USD bears take control as the price consolidates in the pennant formation

ETH/USD bears have remained in control for the second straight day after failing at the $246.15 resistance level.
William’s %R has crept under the overbought zone, showing that the asset is no longer overvalued.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD bears stayed in control for the second straight day as the price fell from $237.65 to $237.15. The price has support at the upward trending line as it continues to trend inside the pennant formation and the 20-day Bollinger Band. The MACD shows decreasing bullish momentum, while William’s %R has crept under the overbought zone, indicating that the asset is no longer overvalued.

Support and Resistance

ETH/USD bulls face resistance at the $246.15 line. If they do overcome it, the price will be trending above the 20-day Bollinger Band. On the downside, the price has found healthy support at $228.25, $215.75, SMA 20 and SMA 50.

Key levels

ETH/USD

Overview
Today last price	235.97
Today Daily Change	-1.68
Today Daily Change %	-0.71
Today daily open	237.65

Trends
Daily SMA20	213.64
Daily SMA50	200.93
Daily SMA100	184.48
Daily SMA200	177.59

Levels
Previous Daily High	253.48
Previous Daily Low	224.48
Previous Weekly High	224.81
Previous Weekly Low	196.65
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	235.56
Daily Fibonacci 61.8%	242.4
Daily Pivot Point S1	223.59
Daily Pivot Point S2	209.54
Daily Pivot Point S3	194.59
Daily Pivot Point R1	252.6
Daily Pivot Point R2	267.54
Daily Pivot Point R3	281.6

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 Forecast: ETH/USD bears take control as the price consolidates in the pennant formation