Ethereum Price Forecast: ETH/USD bears take control as the price consolidates in the pennant formation

• ETH/USD bears have remained in control for the second straight day after failing at the $246.15 resistance level.
• William’s %R has crept under the overbought zone, showing that the asset is no longer overvalued.

ETH/USD daily chart

ETH/USD bears stayed in control for the second straight day as the price fell from $237.65 to $237.15. The price has support at the upward trending line as it continues to trend inside the pennant formation and the 20-day Bollinger Band. The MACD shows decreasing bullish momentum, while William’s %R has crept under the overbought zone, indicating that the asset is no longer overvalued.

Support and Resistance

ETH/USD bulls face resistance at the $246.15 line. If they do overcome it, the price will be trending above the 20-day Bollinger Band. On the downside, the price has found healthy support at $228.25, $215.75, SMA 20 and SMA 50.

Key levels