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Ethereum price analysis: ETH/USD lacks the momentum needed to break above downward trending line

FX Street
Updated:
  • The Moving Average Convergence/Divergence (MACD) indicates sustained bearish momentum.
  • The Elliott Oscillator is back to being in the green after one bearish session.

ETH/USD is on course of charting three bearish days in a row. This Tuesday, ETH/USD had dropped from $174.62 to $171.55 and has gone down further to $171.20 so far this Wednesday. The market has struggled to break above the downward trending line. Along with that, the 20-day Simple Moving Average (SMA 20) and SMA 50 curves act as immediate market resistance. The hourly chart shows us that the price went up to $175.30 before it dropped to $171.20.

ETH/USD daily chart

fxsoriginal

The 20-day Bollinger jaw has constricted, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicates sustained selling momentum. Following this Tuesday’s bearish session, the Elliott Oscillator went back to being in the green.
 

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