ETH/USD negotiating with resistance at the SMA 20 curve

  • Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.
  • The Elliott Oscillator has had three straight red sessions.

ETH/USD re-entered the $180-level as the price went up from $179.95 to $180.15 in the early hours of Saturday. The bulls have taken control after two straight bearish days, wherein ETH/USD dropped from $188.10 to $179.95. The hourly breakdown of Friday and Saturday shows us that after encountering intraday resistance at $184, ETH/USD dropped dramatically to $179.50 in just two hours. Following that, it managed to recover its price to $180.15.

ETH/USD daily chart

ETH/USD is looking to break above the resistance provided by the 20-day Simple Moving Average (SMA 20). The 20-day Bollinger jaw has considerably narrowed, indicating decreasing price volatility. The Moving Average Convergence/Divergence (MACD) shows increasing bearish momentum, while the Elliott Oscillator has had three straight sessions.
 

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