Ethereum technical analysis: ETH/USD trends in a downward channel formation
- The daily ETH/USD chart is trending above the SMA 20 and SMA 50 curves.
- The MACD indicator shows four straight bullish sessions of increasing intensity.
ETH/USD daily chart
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The bears remained in control for the second day in a row. ETH/USD is trending in a downward channel formation as the price went down from $191.85 to $190 so far today. The price is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. The Moving Average Convergence/Divergence (MACD) indicator shows four straight bullish sessions of increasing intensity.
ETH/USD four-hour chart
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The four-hour ETH/USD chart has broken below the support provided by the upward trending line and is floating above the green Ichimoku cloud. The SMA 20 has crossed over the SMA 200 curve, which is a bullish sign. The Relative Strength Index (RSI) indicator was looking to enter the overbought zone, before dropping to 62.50.
ETH/USD hourly chart
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The hourly chart has dropped below the upward trending line as well. The latest session has taken the price below the SMA 20 curve and has found support at the SMA 50. Along with this, the 20-day Bollinger jaw has narrowed, indicating low market volatility, while the Elliott Oscillator has had two straight bearish 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.
