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Ethereum price analysis: ETH/USD drops after finding intraday resistance at $174.75

FX Street
Updated:
  • ETH/USD is trending in a downward channel formation.
  • The Elliott Oscillator has had six straight bearish sessions.

ETH/USD keeps trending in a downward channel formation, after charting two straight bearish days in a row. This Friday, ETH/USD fell from $177.55 to $173.25 and it has dropped further to $172. The hourly price chart shows us that ETH/USD fell from $177.55 to $170, where it found short-term support and bounced up. The bulls managed to push ETH/USD up to $174.75, where it found intraday resistance. Since then, the price managed to correct itself around $173.25.

ETH/USD daily chart

fxsoriginal

The price is trending below the 20-day, 50-day and 200-day Simple Moving Average (SMA 20, SMA 50 and SMA 200) curves. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows bearish market momentum, while the Elliott Oscillator has had six straight bearish sessions.
 

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