Ethereum technical analysis: ETH/USD keeps falling after failing at the $155-level
- MACD and signal lines start to diverge following a period of convergence, indicating increasing bearish momentum.
- The 4-hour ETH/USD chart has found immediate resistance at the SMA 50 curve.
ETH/USD daily chart
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ETH/USD managed to chart a third straight bearish day after failing at the $155-level. This Monday, Ethereum has dropped from $151.30 to $149. The price is floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicator shows us that the MACD and signal lines start to diverge following a period of convergence, indicating increasing bearish momentum.
ETH/USD 4-hour chart
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The 20-day Bollinger Band of the 4-hour ETH/USD chart has narrowed, indicating decreasing market volatility. The SMA 20 and SMA 50 curves act as immediate market resistance. The Relative Strength Index (RSI) indicator is trending around the neutral zone.
ETH/USD hourly chart
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The hourly chart is trending in an upward channel formation, indicating that the bulls are attempted to fight back. The buyers managed to break past the resistance provided by the SMA 20 curve. The Elliott Oscillator shows two green sessions following seven straight red sessions.
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.
