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Ethereum price analysis: Bears take over as ETH/USD consolidates in flag formation

FX Street
Updated:
  • ETH/USD is currently priced at $167.72.
  • The MACD indicator shows three straight bearish sessions.

Following a slightly bullish Wednesday, the bears have taken control of the market in the early hours of Thursday. So far, the price has gone down from $170 to $167.72. The hourly breakdown shows us that since yesterday, the bulls and bears are locked up in an intense tug-of-war. The price has been trending horizontally between $173.35 to $164.30

ETH/USD daily chart

fxsoriginal

The price is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The price is currently consolidating in a flag formation, getting primed for a possible breakout. The Moving Average Convergence/Divergence (MACD) indicator shows three straight bearish sessions. The Relative Strength Index (RSI) indicator was about to dive into the oversold zone before it corrected itself. Currently, it is trending around 37.50, right next to the oversold territory.
 

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