Ethereum technical analysis: ETH/USD finds support at $166.60 after five straight bearish days

By September 24, 2019 Ethereum
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  • ETH/USD has gone up from $166.60 to $172.60 so far this Wednesday.
  • The Elliott Oscillator has had three straight bearish sessions.

ETH/USD daily chart

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ETH/USD found has gone up from $166.60 to $172.60 so far today. This Tuesday was heavily bearish as the price plummetted from $201.45 to $166.60. The price is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The SMA 20 has crossed over the SMA 50, which is a bullish sign. The Elliott Oscillator has had three straight bearish sessions.

ETH/USD four-hour chart

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The ETH/USD four-hour chart has dropped below the red Ichimoku cloud. The four-hour chart has fallen from $192.50 to $168.20 in just four hours. The bulls have since stepped back in to recover ETH/USD. The price chart is trending below the SMA 200, SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicator shows 28 straight bearish sessions of increasing intensity.

ETH/USD hourly chart

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The hourly ETH/USD dropped from $189.40 to $165.25 within an hour and fell below the 20-day Bollinger Band in the process. Since then, the price has trended horizontally to bring it back into the Bollinger Band. The 20-day Bollinger jaw has widened, indicating increasing market volatility The Relative Strength Index (RSI) indicator has crept out of the oversold zone.

Key Levels

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The Elliott Oscillator has had three straight bearish sessions.

ETH/USD daily chart ETH/USD found has […]

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