ETH/USD keeps trending in a downwards channel formation

  • The MACD indicator shows increasing bearish momentum.
  • The four-hour chart’s RSI indicator has crept out of the oversold zone.

ETH/USD daily chart

The ETH/USD daily chart is trending in a downward channel formation and is floating below the 20-day, 50-day and 200-day Simple Moving Average (SMA 20, SMA 50 and SMA 200) curves. The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.

ETH/USD four-hour chart

fxsoriginal

The four-hour chart dipped below the 20-day Bollinger band before it managed to trend horizontally and re-enter it. The Bollinger jaw width has increased, which shows rising market volatility. The Relative Strength Index (RSI) indicator had dipped into the oversold zone but is now trending around at its edge.

ETH/USD hourly chart

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The hourly ETH/USD chart has found strong resistance at the $162.70 level, following which it fell down. The Elliott Oscillator has had 11 straight bullish sessions.

Key Levels

 

Crypto Destroyer

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