ETH/USD continues to trend in a downward channel formation

• ETH/USD bears are looking to drop the price below the Bollinger Band.
• The Relative Strength Index (RSI) indicator is trending around 34.35.

ETH/USD daily chart

ETH/USD failed at the $150-level this Monday and has strung together three consecutive bearish days as it trends in a downward channel formation. This Wednesday, ETH/USD dropped from $145.85 to $143.25. The 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves are floating above the price. The 20-day Bollinger Band has narrowed, indicating decreasing market volatility. The Relative Strength Index (RSI) indicator is trending around 34.35, while the Elliott Oscillator has had seven straight green sessions. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.