Ethereum Price Analysis: ETH/USD bears take control as price falls below $235

ETH/USD faces bearish correction following bullish Tuesday.
The Elliott Oscillator has had seven straight red sessions.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD dropped from $235.40 to $234 in the early hours of Wednesday following a bullish Tuesday. The price is sandwiched between the SMA 20 and the upward trending line. The 20-day Bollinger jaw has narrowed, which indicates that overall price volatility is decreasing. The Elliott Oscillator has had seven straight red sessions, showing sustained bearish sentiment.

Support and Resistance

ETH/USD has strong resistance levels at $237.40, SMA 20 and $248. On the downside, healthy support lies at $229.8, $220.65 and SMA 50

Key levels

ETH/USD

Overview
Today last price	234.47
Today Daily Change	-0.92
Today Daily Change %	-0.39
Today daily open	235.39

Trends
Daily SMA20	238
Daily SMA50	217.88
Daily SMA100	185.87
Daily SMA200	182.99

Levels
Previous Daily High	236.01
Previous Daily Low	228.95
Previous Weekly High	250.41
Previous Weekly Low	225.52
Previous Monthly High	247.15
Previous Monthly Low	176.19
Daily Fibonacci 38.2%	233.31
Daily Fibonacci 61.8%	231.65
Daily Pivot Point S1	230.89
Daily Pivot Point S2	226.39
Daily Pivot Point S3	223.84
Daily Pivot Point R1	237.95
Daily Pivot Point R2	240.51
Daily Pivot Point R3	245.01

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.