Ethereum price analysis: ETH/USD keeps trending in a bearish channel

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  • ETH/USD bears managed to eke out an advantage over the bulls this Friday.
  • The Elliott Oscillator has had 16 green sessions out of the last 18.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bears have taken control of the market following a bullish Thursday. This Friday, the bears managed to eke out an advantage and still remain in control this Saturday. Currently, ETH/USD is trending in a bearish channel formation and is priced around $144.85. The 20-day Simple Moving Average (SMA 20) acts as immediate market resistance and the 20-day Bollinger Band has constricted, showing decreasing market volatility. The Elliott Oscillator has had 16 green sessions out of the last 18, while the Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. The Relative Strength Index (RSI) indicator is trending around 37.80, next to the oversold zone.
 

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