Ethereum price analysis: Bulls take full control of ETH/USD
|- ETH/USD went up from $218.55 to $220.60.
- The Relative Strength Index (RSI) indicator is trending in the overbought zone.
ETH/USD had a bullish start to Saturday following a bearish Friday. So far, the price has gone up from $218.55 to $220.60. The hourly breakdown shows us that ETH/USD had fallen to $214.85 this Thursday, where it found support. Ever since then, the bulls then were able to rally together and spike the price up to $220.60 in just three hours. Looking at the chart, ETH/USD is currently consolidating in a flag formation, getting primed for a breakout.
ETH/USD daily chart
The price is trending above the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. SMA 20 is looking to cross over with the SMA 50, which is a bullish signal. The Moving Average Convergence/Divergence (MACD) indicator shows increasing bullish momentum, while the Elliott Oscillator shows 20 straight bullish sessions of growing intensity. The Relative Strength Index (RSI) indicator is trending within the overbought zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.