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Ethereum price analysis: ETH/USD bears edge out bulls for second day straight

FX Street
Updated:
  • ETH/USD is currently consolidating in a flag formation.
  • Price is trending below the green Ichimoku cloud.

ETH/USD bears have gained a slight advantage for the second day in a row as the price fell from $217.70 to $216.55 in the early hours of Friday. The price is currently consolidating in a flag formation as ETH/USD gets ready for a potential breakout. The hourly price breakdown shows that the price fell to $213.15 before the bulls buoyed the price up to $217.65. Since then, the price has gone down to $216.55.

ETH/USD daily chart

fxsoriginal

The 20-day simple moving average (SMA 20) has taken a turn and is providing immediate market resistance. The price is trending below the green Ichimoku cloud, below the SMA 50 curve and above the SMA 200 curve. The Elliot oscillator shows ten straight bullish sessions. The moving average convergence/divergence (MACD) indicator shows four consecutive bullish sessions.

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