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  • ETH/USD broke above the resistance provided by the downward trending line.
  • Technical analysis shows that the bears are taking control of the market in the short-term.

ETH/USD daily chart

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ETH/USD has had a bearish start to Wednesday and is priced at $178.65. The price broke above the resistance provided by the downward trending line and is below the 20-day simple moving average (SMA 20), SMA 50 and SMA 200 curves, The SMA 200 has crossed above the SMA 50 curve, charting the bearish death cross pattern. The relative strength index (RSI) indicator has floated above from the oversold zone and is trending around 42.15.

ETH/USD 4-hour chart

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The 4-hour ETH/USD chart is trending above the SMA 20 and SMA 50 curves. The price has continuously crossed or tried to cross the upper curve of the 20-day Bollinger band before facing bearish correction. The Elliott oscillator has had a bearish session after sustained bullish sessions.  

ETH/USD hourly chart

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The hourly chart shows that the bulls have run out of steam at the $181.45 resistance level and crashed down. The latest session has tumbled from $181.30 to $179.15. The moving average convergence/divergence (MACD) shows increasing bearish momentum.

Key Levels