Ethereum price analysis: ETH/USD bears negate the gains made by bulls on Sunday

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  • ETH/USD fell from $211.50 to $206.85 this Tuesday.
  • Moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum.

ETH/USD had two strong bearish days in a row this Tuesday. Over the day, the price fell from $211.50 to $206.75. The hourly breakdown shows us that the price initially plunged to $209.25 before the bulls stepped back in and took it back up to $211. However, this was when the price plummeted and fell to $205. The price since corrected itself around $206.75.

Over the last two days, the price fell from $216.50 to $206.85. In the process, the bears have negated the gains they made this Sunday, wherein the price went up from $206.25 to $216.50.

ETH/USD daily chart

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The price is trending above the 200-day simple moving average (SMA 200) and below the SMA 50 and SMA 20 curves. SMA 20 works as an immediate market resistance. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The moving average convergence/divergence (MACD) indicator shows decreasing bullish momentum. The Elliot oscillator shows that four sessions out the last five are bearish.
 

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