Ethereum Technical Analysis: ETH/USD bearish correction around the corner?

ETH/USD Daily Chart

• Ethereum bulls and bears have fought each other to a standstill this Tuesday. 
• ETH/USD is currently trading for $174.50 after reaching a high of $184.
• The bulls are aiming for the $180-level as the bears are fighting furiously to keep the price down.
• The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The relative strength index (RSI) indicator is currently trending at 62.50.

ETH/USD 4-Hour Chart

• The 4-hour ETH/USD market has taken the price below the upper curve of the 20-day Bollinger band.
• The lower band of the Bollinger band has crept up which shows lower market volatility.
• The Elliot wave oscillator shows three consecutive bearish sessions following seven consecutive bullish sessions.
• The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The SMA 50 curve may cross over the SMA 200 curve which is a bullish sign.

ETH/USD Hourly Chart

• The hourly ETH/USD price has had a bearish breakout from the flag formation. 
• The bulls then came back and brought the price back up to $176
• The Ichimoku indicator shows upcoming bearish market momentum.
• The signal line is converging slowly with the MACD line indicating decreasing bullish momentum.

Key Levels