Ethereum market overview: ETH/USD bulls creep ahead amidst low volatility
- ETH/USD is trading at $226.50 following a sluggish Wednesday.
- The 20-day Bollinger band shows decreasing market volatility.
Following a heavily bearish Tuesday, ETH/USD bulls and bears canceled each other out this Wednesday. The bulls managed to eke out a slight advantage as the day ended on a bullish note. Currently, ETH/USD is trading for $226.50. The hourly breakdown shows that the price had gone up to $229.55 before it fell to $223.25. Since then, the price managed to creep back up to $226.50.
ETH/USD daily chart
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The price has found support on the 20-day simple moving average (SMA 20) curve and below the SMA 50. The narrowing of the 20-day Bollinger jaw indicates decreasing market volatility. The moving average convergence/divergence indicates increasing bullish momentum while the Elliot oscillator has had 16 straight bullish sessions. On the upside, the nearest resistance level that the bulls will ideally want to overcome is at $235.15. The price chart shows that the closest support level is at $220.85.
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.
