Ethereum market update: ETH/USD attempts Bollinger Band upper breakout
|- Bollinger Band upper curve hinders growth amid thinning volatility and volume.
- Ethereum expected to consolidate between $180 and $190 in the coming sessions.
Ethereum price has been remarkably slow in its movement since Monday. The lethargic movement follows a lower correction from highs around $198.32. The failure to break above must have discouraged the bulls while giving Ethereum bears a gap to explore.
The lower correction stepped slightly under $180 during the last weekend session. However, the 100 Simple Moving Average (SMA) on the four-hour chart came out as strong support. Also aiding in support was the Bollinger Band four-hour lower curve. The move allowed Ethereum to push for reversal above $180 but the upside is limited under $180.
The price is teetering at $186.12 while pushing for a breakout above the BB four-hour upper curve. The reducing volatility coupled with the low trading activity suggests limited trading activities. Besides, the Relative Strength Index (RSI) is leveling above the average signifying just enough energy to sustains Ethereum above the short-term support $185.
The Moving Average Convergence Divergence (MACD) currently horizontal at 0.000 suggests that consolidation between $190 and $180 will prevail in the short-term.
ETH/USD four-hour chart
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