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Ethereum technical analysis: ETH/USD keeps dropping following a heavily bearish Monday

FX Street
Updated:
  • Daily ETH/USD chart shows decreasing bearish momentum.
  • 4-hour ETH/USD market has found support at the lower 20-day Bollinger curve.

ETH/USD daily chart

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ETH/USD is trending in a narrow $14-range. This Monday, ETH/USD dropped from $184 to $178 after running out of steam at the 20-day Simple Moving Average (SMA 20) and breaking below SMA 50 in the process. Currently, ETH/USD is priced around $177.65 and the Moving Average Convergence/Divergence (MACD) indicates decreasing bearish momentum.

ETH/USD 4-hour chart

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The 20-day Bollinger jaw has widened, showing increasing market volatility. The 4-hour market has found support on the lower band and if floating below the SMA 20, SMA 50 and SMA 200 curves. The Relative Strength Index (RSI) indicator is trending around 32.60, next to the oversold zone.

ETH/USD hourly chart

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The hourly chart shows that the bulls have started to stage a comeback. The Elliott Oscillator has had two straight green sessions.

Key Levels

 

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