Ethereum technical analysis: ETH/USD fails at the $133.25-mark as the price drops down
- The Elliott Oscillator in the four-hour price chart has had four straight green sessions.
- The SMA 20 has crossed over the SMA 50 curve in the hourly chart.
ETH/USD daily chart
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ETH/USD went up from $122.25 to $133.20 as the bulls rallied together this Wednesday. After encountering resistance at $133.20, the price dropped down to $128.80. The three resistances that the bulls will need to overcome are - the $133.20 line, the downward trending line and the 20-day Simple Moving Average (SMA 20) curve. The Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish momentum.
ETH/USD four-hour chart
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The four-hour market is floating below the green Ichimoku cloud. After encountering resistance at the $133.20 line and the downward trending line, the price dropped to $128.80 in a four-hour period. In the process, the price broke below the support at the 20-day Simple Moving Average (SMA 20) curve. The Elliott Oscillator has had four straight green sessions.
ETH/USD hourly chart
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The hourly ETH/USD chart was trending in an upwards channel formation, going up from $121 to $133 in 10 hours. In the process, it broke above the SMA 20, SMA 50 and the 20-day Bollinger Band. The bears then took control and dropped the price to $128.75 over the next three hours. The SMA 20 has crossed over SMA 50, which is a bullish sign, while the Relative Strength Index (RSI) is hovering around the neutral zone.
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.
