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Ethereum technical analysis: Bulls try to rally together and attempt a comeback

  • Daily ETH/USD chart shows decreasing market momentum.
  • 4-hour ETH/USD was trending in a downward pattern formation.

ETH/USD daily chart

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ETH/USD went up slightly from $176 to $176.15 in the early hours of Wednesday and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.

ETH/USD 4-hour chart

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The 4-hour ETH/USD is trending in a downward channel formation. It found support at the $174.20 and jumped up to $176.15. The SMA 20 curve has crossed below the SMA 200 curve, which is a bearish sign. The 20-day Bollinger jaw has widened, indicating increasing price volatility. The Relative Strength Index (RSI) indicator is trending around 36, having crept above the oversold zone.

ETH/USD hourly chart

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The price is currently stuck between the SMA 20 curve on the downside and SMA 50 on the upside. The Elliott Oscillator has had 13 straight green sessions.

Key Levels

 

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