Ethereum technical analysis: 4-hour ETH/USD about to chart the death cross pattern

• The daily ETH/USD chart is trending in a downwards channel formation.
• The hourly ETH/USD chart shows two straight red sessions in the Elliott Oscillator.

ETH/USD daily chart

The daily chart ETH/USD is trending in a downward channel formation. Currently, the price went up slightly from $174.60 to $174.85 so far this Thursday. 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) indicates increasing bearish momentum.

ETH/USD 4-hour chart

The SMA 200 curve is about to cross over SMA 50, which is the heavily bearish “death cross” pattern. The 20-day Bollinger jaw has narrowed, which indicates decreasing price volatility. The Relative Strength Index (RSI) indicator is trending around 37.50, next to the oversold zone.

ETH/USD hourly chart

The hourly ETH/USD has found immediate resistance at the SMA 20 and SMA 50 curves. The Elliott Oscillator shows two straight red sessions. Intraday resistance lies at $175.75.

Key Levels