- ETH/USD is currently priced at $176.10 in the early hours of Wednesday.
- The price has found resistance at the SMA 20 and SMA 50 curves.
Bears have taken control of the ETH/USD market for the second day in a row. ETH/USD is currently priced at $176.10. Yesterday, ETH/USD had a heavily bearish day where it fell from $181.70 to $176.35, dropping below the $180-zone in the process. The hourly breakdown shows us that the price went up to 184.25, where it met massive resistance and fell to $178.85. The price then found resistance around the $180-zone and fell to $175.55. The price has since adjusted around $176.10.
ETH/USD daily chart
The 50-day Simple Moving Average (SMA 50) and SMA 20 curves act as immediate market resistance. The price is also trending below the SMA 200 curve. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bearish momentum, while the Elliott Oscillator has had four straight bullish sessions.