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Ethereum Price Analysis: ETH/USD drops below the triangle formation

FX Street
Published date:
  • ETH/USD fell from $137.30 to $136.90 this Thursday.
  • The MACD indicator shows decreasing bullish momentum.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD is charting a second straight bearish day. This Thursday, the price fell from $137.30 to $136.90 and it has fallen further to $136.80 so far today. In the process, it dropped below the triangle pattern. The price is sandwiched between the 50-day Simple Moving Average (SMA 50) and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum, while the Elliott Oscillator has had 15 straight green sessions. The Relative Strength Index (RSI) indicator is hovering around the neutral zone, indicating that we may be in the middle of a lengthy sell-off period.
 

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