ETH/USD’s price fell from $255.25 to $253.75 during the early hours of Friday. Throughout Thursday, ETH/USD fell from $262.75 to $255.50, failing to stay above the critical $260-level. Is this a temporary measure before the bulls re-enter the market or have the bears well and truly taken over the market? Let’s find out.
ETH/USD daily chart
The 20-day Bollinger band has narrowed, indicating lower market volatility. and the latest price session in the daily chart has gone below the 20-day simple moving average (SMA 20) curve. The price is still trending above the SMA 200 and SMA 50 curves and has found support on the upward trending line. The nearest support level lies at $249 and the closest resistance level is at $261.25.
Down in the moving average convergence/divergence (MACD) indicator, the signal line is looking to converge with the MACD line showing decreasing bearish momentum. The Elliot oscillator has had two bullish sessions out of the last three, following 13 straight bearish sessions.