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Ethereum price analysis: ETH/USD keeps consolidating in a flag formation as bears take control

FX Street
Updated:
  • ETH/USD has gone down from $166.25 to $164.80 so far today.
  • The MACD indicator shows four straight bearish sessions of increasing intensity.

ETH/USD had a bearish start to the day as Ethereum keeps consolidating in a flag formation. The price has fallen from $166.25 to $164.80 so far today. The hourly breakdown shows us that ETH/USD was trending around $170.30 this Thursday before it plunged to $159.50. The price found support there and jumped up to $167. Following that, the bears have corrected the price around $164.80.

ETH/USD daily chart

fxsoriginal

ETH/USD is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The bulls will want to gather momentum and break past the resistance at $169.50 to reverse the overall bearish sentiment. The Moving Average Convergence/Divergence (MACD) indicator shows four straight bearish sessions of increasing intensity, while the Elliott Oscillator shows five consecutive bearish sessions.
 

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