ETH/USD Technical Analysis: Bulls and Bears wrestle around the $170 level

Rajarshi Mitra Independent Analyst

ETH/USD Daily Chart

ETH/USD is currently trading for $169.75.
The market is prime for a breakout from the triangle formation.
The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
The signal line and MACD line are converging towards each other very slowly, as the bullish momentum decreases.

ETH/USD 4-Hour Chart

The squeeze in the 20-day Bollinger band indicates lower market volatility.
The 4-hour market is trending below the SMA 20 curve and above the SMA 200 and SMA 50 curves.
The Elliot oscillator has six consecutive bearish sessions. 14 out of the last 16 sessions were bearish.

ETH/USD Hourly Chart

The hourly ETH/USD price found resistance at the green cloud of the Ichimoku Indicator and went down.
The nearest support level is at $169.35 from which the market found support and then bounced up.
The relative strength index (RSI) indicator is at 45.31.

Key Levels

ETH/USD

Overview
Today last price	169.16
Today Daily Change	-1.72
Today Daily Change %	-1.01
Today daily open	170.88

Trends
Daily SMA20	165.29
Daily SMA50	159.6
Daily SMA100	144.13
Daily SMA200	145

Levels
Previous Daily High	175.24
Previous Daily Low	166.88
Previous Weekly High	172.2
Previous Weekly Low	153.2
Previous Monthly High	187.51
Previous Monthly Low	140.14
Daily Fibonacci 38.2%	170.07
Daily Fibonacci 61.8%	172.05
Daily Pivot Point S1	166.76
Daily Pivot Point S2	162.64
Daily Pivot Point S3	158.39
Daily Pivot Point R1	175.12
Daily Pivot Point R2	179.36
Daily Pivot Point R3	183.48

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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