Ethereum technical analysis: Bears have full control of the market for fourth straight day
- ETH/USD went down from $178.50 to $177.75 in the early hours of Thursday.
- The latest price session has gone below the 20-day simple moving average (SMA 20) curve.
ETH/USD daily chart
The daily market is charting four bearish days in a row and has found sustained resistance from the downward trending line. The latest price session has gone below the 20-day simple moving average (SMA 20) curve. The signal line is looking to converge with the moving average convergence/divergence (MACD) line showing decreasing bullish momentum.
ETH/USD 4-hour chart
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The 4-hour ETH/USD chart has gone below the 20-day Bollinger band, indicating that it was undervalued. The bulls have since stepped back in to correct the price but have met resistance on the downward trending line. The latest session has found support on the SMA 50 curve. The Elliott oscillator shows sustained bearish sentiment.
ETH/USD hourly chart
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The hourly ETH/USD has dipped below and found resistance from the red Ichimoku cloud. The market has seen support from the SMA 200 and SMA 20 curves. The relative strength index (RSI) indicator is trending around 46.85.
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.
