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Ethereum price analysis: Bulls try to end on a high following another overwhelmingly bearish day

FX Street
Updated:
  • ETH/USD fell from $196.60 to $187 over this Wednesday.
  • MACD indicator shows that market momentum has returned to being bearish.

Ethereum has ended up with a second bearish day in a row, wherein it fell from    $196.60 to $187. The hourly breakdown of the price shows that the price plummeted from $196.60 to $180 within 12 hours. After that, the bulls picked up the price to $187 towards the end.

ETH/USD daily chart

fxsoriginal

The daily price chart has found resistance on the downward trending line and the 200-day simple moving average (SMA 200) curve. The moving average convergence/divergence (MACD) indicator shows that market momentum reversed from bearish to bullish this Tuesday before it went back to being bearish. The Elliot Oscillator interestingly shows three straight bullish sessions. The relative strength index (RSI) indicator has dipped to 36.36 and is trending next to the oversold zone.
 

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