- 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
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
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
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.
Technical analysis shows that the bears are taking control of the market in the short-term .