Ethereum technical analysis: Can the bulls take the price back above $250?
|ETH/USD daily chart
- ETH/USD went down from $246.25 to $245.15 in the early hours of Thursday.
- The market is trending below the 20-day simple moving average (SMA 20) and above the SMA 50 and SMA 200 curves.
- The market is consolidating in a triangle formation and is getting primed for a breakout.
- The signal line is diverging away from the moving average convergence/divergence (MACD) line showing increasing bearish momentum.
- The relative strength index (RSI) is trending around 53 in the neutral zone.
ETH/USD 4-hour chart
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- The four latest sessions of the 4-hour chart have the bulls canceling the bears ours immediately after they attempt a breakout.
- The 4-hour price has been trending below the green cloud of the Ichimoku indicator.
- The market is consolidating in a triangle formation before it gets ready for a breakout.
- The bulls will need to overcome resistance at $248.75.
- Elliot oscillator shows eight straight bullish sessions of decreasing intensity.
- The relative strength index (RSI) is trending around 44.
ETH/USD hourly chart
- In the early hours of Thursday, the bears took the price down from $246.15 to $245.38. After that, the bulls took the price up to $246.
- The narrowing of the 20-day Bollinger band hints at lower market volatility.
- The hourly price is currently trending horizontally.
- The hourly market is trending below the SMA 200 curve.
- The SMA 20 has crossed over the SMA 50, which is a bullish sign.
- The Elliot oscillator has had eight bullish sessions out of the last nine.
- The signal line is trending parallelly with the MACD line and is slowly converging with it, indicating decreasing bullish momentum.
Key levels
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