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Ethereum Price Analysis: ETH/USD bears take control as price falls below $235

FX Street
Published date:
  • ETH/USD faces bearish correction following bullish Tuesday.
  • The Elliott Oscillator has had seven straight red sessions.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD dropped from $235.40 to $234 in the early hours of Wednesday following a bullish Tuesday. The price is sandwiched between the SMA 20 and the upward trending line. The 20-day Bollinger jaw has narrowed, which indicates that overall price volatility is decreasing. The Elliott Oscillator has had seven straight red sessions, showing sustained bearish sentiment. 

Support and Resistance 

ETH/USD has strong resistance levels at $237.40, SMA 20 and $248. On the downside, healthy support lies at $229.8, $220.65 and SMA 50

Key levels

 

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