Ethereum technical analysis: ETH/USD falls by >5% over the last four days
- ETH/USD bears have remained in control for four consecutive days.
- ETH/USD has dropped from $243.30 to $230 in this period.
- The Elliott Oscillator has had two straight red sessions.
ETH/USD daily chart
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ETH/USD fell from $232.41 to $229.75 this Friday as the bears stayed in control for the fourth consecutive day. In this period, the price has dropped from $243.30 to $230, falling by over 5% in its valuation. The Elliott Oscillator has had two straight red sessions, while William’s %R is trending right next to the oversold zone following Ethereum’s bearish price action.
Support and Resistance
ETH/USD faces strong resistance upfront at $235.78 (SMA 20), $238 and $248.35. On the downside, there are healthy support levels at $227.40, $223.45 (SMA 50), $221.50.
Key levels
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.
