Ethereum Price Analysis: ETH/USD drops below the upward trending line following bearish price action

By June 18, 2020Ethereum
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  • ETH/USD bears remain in control for the second straight day as they aim for the $230 price level.
  • The 20-day Bollinger Band has narrowed, which shows decreasing price volatility.
  • The Elliott Oscillator has had eight consecutive red sessions.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bears remained in control of the market for the second straight day as the price dipped from $233.77 to $230.20. The price dropped below the upward trending line, while still hovering between the SMA 20 and SMA 50 curves.

The 20-day Bollinger jaw has narrowed considerably, which shows decreasing price volatility. The Elliott Oscillator has had eight consecutive red sessions, while William’s %R has dipped down from the neutral zone to -62.90, following the bearish price action.

ETH/USD faces three strong resistance levels at $237.57, SMA 20 and $248.48. On the downside, there are three healthy support levels at $230, $220.85 and SMA 50.

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The 20-day Bollinger Band has narrowed, which shows decreasing price […]

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