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Ethereum price analysis: ETH/USD on track of having three bearish days out of the last four

FX Street
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  • ETH/USD is currently priced at $218.85 following a bearish start to Friday.
  • Immediate market support lies on the SMA 20 curve.

ETH/USD has had a bearish start to Friday and is currently trading for $218.85. The digital asset is on course of having three bearish days out of the last four. During this period, its price fell from $233.75 to $218.85, charting a 6.38% drop in value. Looking at the hourly breakdown, one can see that ETH/USD price was creeping along the $226 resistance level before the bulls finally ran out of steam and the price plummeted to $217.20. ETH/USD then went back up to $220.85 before dropping down to $218.85.

ETH/USD daily chart

fxsoriginal

The 20-day Bollinger jaw is narrowing, which indicates decreasing market volatility. The 20-day simple moving average (SMA 20) curve acts as immediate market support. The SMA 50 is trending above the daily price. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The Elliot oscillator shows 17 straight bullish sessions.
 

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