ETH/USD keeps consolidating in a flag formation

Fibo Quantum

  • ETH/USD is currently priced at $180.40 in the early hours of Friday.
  • The market has found support at the SMA 20 curve.

ETH/USD has had a bearish start to Friday as the price fell from $181.50 to $180.40. The price is trending horizontally and consolidating in a flag formation. The price is sandwiched between the resistance provided by the downward trending line and the support provided by the 20-day simple moving average (SMA 20) curve. The hourly breakdown of Thursday shows us that the price fell to $177 and then flew up to $181.75. The bears then stepped in and took the price down to $180.75 to end the day. Since then, the price has fallen further to $180.40.

ETH/USD daily chart

The price is trending below the 200-day simple moving average (SMA 200) and SMA 50 curves. The 20-day Bollinger jaw is decreasing, which indicates lower market volatility. The moving average convergence/divergence (MACD) shows sustained bullish momentum, while the Elliot oscillator shows 12 straight bullish sessions.