Ethereum technical analysis: ETH/USD has a bullish start to Saturday following three straight bearish days

• ETH/USD dropped from $174.15 to $169.20 this Friday. The price has so far gone up to $169.55 this Saturday.
• The Elliott oscillator has had a bearish session following five straight bullish sessions.

ETH/USD daily chart

Ethereum daily chart shows that the asset has had a bullish start to Saturday following three straight bearish days. ETH/USD has dropped from $174.15 to $169.20 this Friday. So far, the price has gone up to $169.55 this Saturday. The price has met resistance at the downward trending line and is below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The Elliott oscillator has had a bearish session following five straight bullish sessions.

ETH/USD 4-hour chart

The 4-hour ETH/USD chart has dropped and touched the lower curve of the 20-day Bollinger band. The bulls then stepped in and picked the price up to prevent any further drop. The third-last session was so bearish that it took broke below the SMA 20 and SMA 50 curves. The moving average convergence/divergence (MACD) shows that market momentum was decreasing before the bears picked up steam yet again.

ETH/USD hourly chart

The hourly chart shows that the price of ETH/USD dropped from $176.50 to $168.80 within four hours. The price found strong support at $168.80 and then bounced back up to $168.85. Previously, the hourly price found resistance at the red Ichimoku cloud and dropped down. The hourly market is also trending below the SMA 20, SMA 50 and SMA 200 curves. The SMA 20 is looking to cross below the SMA 50 curve, which is a bearish sign. The relative strength index (RSI) indicator is creeping along the oversold zone.

Key Levels