Ethereum technical analysis: ETH/USD bears take over for the second day in a row
- ETH/USD went down from $225.45 to $216.40 this Monday.
- Technical analysis shows that the bulls are attempting to come back in the short-term.
ETH/USD daily chart
-636994307771712998.png)
ETH/USD went down from $225.45 to $216.40 this Monday, stringing together two bearish days in a row. This Sunday, the price met resistance at $228.65. The 20-day simple moving average (SMA 20) and SMA 50 curves are trending above the daily price. The relative strength index (RSI) indicator is trending around 37.50, right next to the oversold territory.
ETH/USD 4-hour chart
-636994307488113912.png)
The 4-hour price chart shows that the price went up to $226.12, where it met resistance and then dropped down to $212.50. In the process, the price went below the lower curve of the 20-day Bollinger band, indicating that the price was undervalued. That was when the bulls found support at the $212.50-level and then bounced back up to $216.65. The Elliot oscillator shows six straight bearish sessions.
ETH/USD hourly chart
-636994307189828506.png)
The hourly chart shows that the price was trending in the red cloud of the Ichimoku cloud before it had a bearish breakdown. The price went all the way down to $212.50, where it found support and went up to $218.50. The bears then stepped back in and took the price down to $216.50. The moving average convergence/divergence (MACD) shows decreasing bearish momentum, indicating that the bulls are trying to make a come back.
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.
