ETH/USD keeps trending horizontally in a narrow $11-range

  • ETH/USD went up from $185 to $187 this Tuesday.
  • The Elliott Oscillator has had two green sessions following three red sessions.

ETH/USD daily chart

ETH/USD daily chart keeps trending horizontally in a narrow $11-range between $191 and $180. Currently, Ethereum is priced at around $185.85 and is floating above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. SMA 20 is acting as immediate market support. The Elliott Oscillator has had two green sessions following three red sessions.

ETH/USD 4-hour chart

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4-hour ETH/USD’s latest session broke below the support provided by the SMA 20 and SMA 50 curves. The price is still floating above the red Ichimoku cloud. The bulls must overcome resistance at $187.15 to restart upward momentum. The Moving Average Convergence/Divergence (MACD) indicates decreasing bearish market momentum.

ETH/USD hourly chart

fxsoriginal

The latest session in the hourly chart has broken below the upward channel formation. The hourly price has found resistance at the SMA 50 and SMA 200 curves, while SMA 20 is acting as immediate market support. The Relative Strength Index (RSI) indicator is trending around 48.40.

Key Levels

 

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