Ethereum price analysis: ETH/USD fails to stay above $260
|- ETH/USD’s price fell from $255.25 to $253.75 during the early hours of Friday.
- The latest price session has gone below the 20-day simple moving average (SMA 20) curve.
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.
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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.