Ethereum Price Analysis: ETH/USD bears drop price below SMA 20

• Both the MACD and Elliott Oscillator indicate increasing bearish market sentiment.
• The 20-day Bollinger jaw has narrowed considerably, showing decreasing market volatility.

ETH/USD daily chart

ETH/USD dropped from $265.80 to $248 this Tuesday as the price continued to trend in a downward channel formation. In the process, the bears were able to conquer the critical support level at the SMA 20 curve. The 20-day Bollinger jaw has narrowed considerably to show decreasing price volatility. Both the MACD and Elliott Oscillator indicate increasing bearish market sentiment as the RSI dipped further from 42.20 to 35.55. The buyers will need to bounce the price off the downward trending line and hope to keep ETH/USD above the $250 psychological level.