Ethereum technical analysis: ETH/USD drops below the $185-level

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  • ETH/USD dropped below the triangle formation.
  • The 4-hour chart is trending in a downward channel formation.

ETH/USD daily chart

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ETH/USD has dropped from $186.60 to $184.80 as Friday comes to a close. The price has dipped below the triangle formation, while the Elliott Oscillator shows five straight green sessions. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50 curve, which is a bullish sign.

ETH/USD 4-hour chart

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The 4-hour chart is trending in a downward channel formation. The four latest sessions are sandwiched between the SMA 200 and SMA 50 curves, with the later acting as immediate market resistance. The Elliott Oscillator has had 16 straight red sessions.

ETH/USD hourly chart

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The hourly ETH/USD is trending below the green Ichimoku cloud and the SMA 50 and SMA 200 sessions. On the other hand, the SMA 20 curve acts as immediate market support. The RSI indicator is trending around 53.10.

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