Ethereum technical analysis: Bears continue their stranglehold on the market

ETH/USD daily chart

• The hourly ETH/USD market broke past the upward trending line.
• The price has gone down from $249.50 to $247.35 in the early hours of Tuesday after it plummeted from $269.50 to $249.55 this Monday.
• This Monday, the price went below the 20-day simple moving average (SMA 20) curve.
• The Elliot oscillator shows six consecutive bearish sessions.
• The relative strength index (RSI) is trending around 55 in the neutral zone.

ETH/USD 4-hour chart

• The two latest sessions have taken the 4-hour price inside the green Ichimoku cloud.
• The bears broke past support at $249.75 and are looking to break past the $244.50 support next.
• In the last six sessions, the price has gone down from $269.35 to $247.40.
• The RSI indicator has crept into the oversold zone, which may be an indication for the bulls to re-enter the market.

ETH/USD hourly chart

• The third last session in the ETH/USD hourly chart was so bearish that it broke past support levels at $251.35, $250.50 and $249.50.
• It also took the price below the lower curve of the 20-day Bollinger band, showing that the price is currently undervalued.
• The latest session sees the bulls attempting to correct the price and take it back inside the Bollinger band.
• The widening of the Bollinger jaw indicates increasing market volatility.
• The moving average convergence/divergence (MACD) indicator shows 36 straight bearish sessions, indicating that the market momentum is overwhelmingly bearish.

Key levels