ETH/USD falls below $175 as bearish sentiment continues

  • ETH/USD is currently trading for $173.50.
  • ETH/USD went down from $175.25 to $173.25 within the first hour of Friday.

ETH/USD had a bearish start to Friday as the price went down from $175.25 to $173.50, going below the $175-level in the process. This follows a bearish Thursday where ETH/USD fell from $181.15 to $175.25. The hourly breakdown shows us that ETH/USD had fallen to $172 before it recovered to $175.25 to close out Thursday. However, the bulls immediately took control as Friday began, taking the price down from $175.25 to $173.25 within one hour. Since then, the buyers and sellers have been engaged in a tug of war to take back control of the market.

ETH/USD daily chart

ETH/USD found resistance on the downward trending and both the 50-day and 20-day Simple Moving Average (SMA 50 and SMA 20) curves. The widening of the 20-day Bollinger jaw hints at increasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing, yet sustain bearish momentum, while the Elliott Oscillator shows six straight bullish sessions.
 

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