Ethereum Technical Analysis: Bears take over the market

Rajarshi Mitra Independent Analyst

ETH/USD Daily Chart

ETH/USD is currently trading at $161.50 as markets opened this Thursday.
The market is currently consolidating in a flag formation.
The market is trending above the SMA 200 and SMA 50 curves while it finds resistance at the SMA 20 curve.
The nearest resistance lies at $164.85 while the closest support level is at $158.50.
The relative strength index is at the neutral zone.

ETH/USD 4-Hour Chart

The 4-hour market is trending below the SMA 200 curve.
The SMA 200 curve has crossed over the SMA 50 curve, which is a definite bearish sign.
The three latest sessions of the Elliot wave oscillator are bearish.

ETH/USD Hourly Chart

As per the Ichimoku indicator, the current and future sentiment of the hourly ETH/USD chart is bearish.
The market found support at the $161.20 line and is trending horizontally for now.
The moving average convergence divergence (MACD) indicator shows 20 consecutive bearish sessions.

Key Levels

ETH/USD

Overview
Today last price	161.48
Today Daily Change	-0.26
Today Daily Change %	-0.16
Today daily open	161.74

Trends
Daily SMA20	165.19
Daily SMA50	154.7
Daily SMA100	140
Daily SMA200	146.45

Levels
Previous Daily High	167.26
Previous Daily Low	160.61
Previous Weekly High	177.67
Previous Weekly Low	148.24
Previous Monthly High	187.51
Previous Monthly Low	140.14
Daily Fibonacci 38.2%	163.15
Daily Fibonacci 61.8%	164.72
Daily Pivot Point S1	159.15
Daily Pivot Point S2	156.55
Daily Pivot Point S3	152.5
Daily Pivot Point R1	165.79
Daily Pivot Point R2	169.85
Daily Pivot Point R3	172.44

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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