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Ethereum price analysis: Bears remain in the driver’s seat as ETH/USD continues to fall

FX Street
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  • The Elliott Oscillator has had a red session after seven straight green sessions.
  • The MACD indicator contains to sustain bearish momentum.

ETH/USD daily chart

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ETH/USD has fallen from $147.65 to $145.20 in the early hours of Wednesday. 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) shows us that the MACD and signal lines are running in parallel to each other – indicating sustained bearish momentum. The Elliott Oscillator has had a red session after seven straight green sessions, while the Relative Strength Index (RSI) indicator is trending around 34.
 

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