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Ethereum Price Analysis: ETH/USD consolidates in a flag formation after bouncing off the lower curve of the 20-day Bollinger Band

FX Street
Updated:
  • ETH/USD bears took control of the market this Tuesday following a bullish Monday.
  • The Elliott Oscillator has had four consecutive red sessions, where it dropped from -8 to -23.285.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bears took control of the market this Tuesday taking the price down from $203.27 to $201.56. Two days back, ETH/USD crashed from $238 to $199.75, bounced up from the lower curve of the 20-day Bollinger Band. The price is currently trending in a downward channel formation and below the SMA 20 and SMA 50 curves. The MACD indicates sustained bearish momentum, while the Elliott Oscillator has had four consecutive red sessions, where it dropped from -8 to -23.285. The RSI indicator is trending horizontally around 39.54 as the price consolidates. 
 

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