ETH/USD Technical Analysis: Price breakout on the horizon

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD is currently trading at $133.
The bulls and bears were matched evenly this Thursday. The bears managed to eke out a victory.

ETH/USD 4-hour chart

The ETH/USD 4-hour chart is trending inside the green cloud of the Ichimoku indicator which shows that the market is ready for a breakout.
The last six sessions of the Elliot wave shows a bullish disposition. However, each session is gradually decreasing in intensity.

ETH/USD hourly chart

The hourly ETH/USD is sandwiched between the 20-day simple moving average (SMA 20) and SMA 50 curves.
The market shows lower volatility as per the 20-day Bollinger band and the moving average convergence/divergence (MACD).
The last session made the price sit right on top of the SMA 20 curve.

Key Levels

Resistance 3: $137.65
Resistance 2: $136.21
Resistance 1: $134.54
Pivot Point: $133.09
Support 1: $131.43
Support 2: $129.98
Support 3: $128.32

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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