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Ethereum market overview: Bears take over and pull the price back below $300

FX Street
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  • ETH/USD has gone down from $309.80 to $297.75 in the early hours of Saturday.
  • ETH/USD market momentum has turned bearish, as per the technical analysis.

ETH/USD bears are in full control of the market in the early hours of Saturday as the price has gone down from $309.80 to $297.75. According to the 15-min chart, the price fell by $308 to $297.25 within one hour. The daily price is currently trending in a flag formation. The market has found support on the upwards trending line. Looking at the 60-min chart, ETH/USD has had four straight bearish sessions this Saturday.

ETH/USD daily chart

The 20-day Bollinger jaw is narrowing, indicating decreasing market volatility. The market is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The bulls will need to defend the support level at $295, to prevent a further market downturn. The moving average convergence/divergence (MACD) indicator shows that the MACD line has crossed over the signal line, indicating that market momentum has turned bearish. The Elliot oscillator has had three straight bearish sessions.
 

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