Bears retain stranglehold as ETH/USD struggles to stay in the $180-zone

  • ETH/USD has found support at the SMA 20 curve.
  • The 20-day Bollinger band has narrowed, indicating decreasing market volatility.

Following a heavily bearish Tuesday, the sellers remained in control of the ETH/USD market in the early hours of Wednesday. This Tuesday, the price of Ethereum fell from $187 to $180.80 and it has fallen further to $179.50 today. The hourly breakdown shows us that despite multiple recovery attempts, the bears have pretty much dominated the bulls at every turn this Tuesday. The price fell to $178.35, where it met intraday support and bounced up to $180.80. Currently, the daily chart shows us that ETH/USD has found support on the 20-day Simple Moving Average (SMA 20) curve.

ETH/USD daily chart

The price went past the support provided by the SMA 50 curve this Tuesday. The 20-day Bollinger jaw has narrowed from 0.165 to 0.13 over the previous two days, indicating decreasing market volatility. The Elliott Oscillator shows three straight bearish sessions while the Moving Average Convergence/Divergence (MACD) indicator shows decreasing bullish momentum.

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