Ethereum technical analysis: ETH/USD fails at the $133.25-mark as the price drops down

• The Elliott Oscillator in the four-hour price chart has had four straight green sessions.
• The SMA 20 has crossed over the SMA 50 curve in the hourly chart.

ETH/USD daily chart

ETH/USD went up from $122.25 to $133.20 as the bulls rallied together this Wednesday. After encountering resistance at $133.20, the price dropped down to $128.80. The three resistances that the bulls will need to overcome are – the $133.20 line, the downward trending line and the 20-day Simple Moving Average (SMA 20) curve. The Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish momentum.

ETH/USD four-hour chart

The four-hour market is floating below the green Ichimoku cloud. After encountering resistance at the $133.20 line and the downward trending line, the price dropped to $128.80 in a four-hour period. In the process, the price broke below  the support at the 20-day Simple Moving Average (SMA 20) curve. The Elliott Oscillator has had four straight green sessions.

ETH/USD hourly chart

The hourly ETH/USD chart was trending in an upwards channel formation, going up from $121 to $133 in 10 hours. In the process, it broke above the SMA 20, SMA 50 and the 20-day Bollinger Band. The bears then took control and dropped the price to $128.75 over the next three hours. The SMA 20 has crossed over SMA 50, which is a bullish sign, while the Relative Strength Index (RSI) is hovering around the neutral zone.

Key Levels