Ethereum price analysis: After a second straight bullish session, ETH/USD will look to reclaim $230 resistance level.
- ETH/USD went up from $216.75 to $220.30 as markets closed this Thursday.
- The relative strength index (RSI) indicator is trending around 41.25.
ETH/USD has had a bullish Tuesday as the price went up from $216.75 to $220.30, charting a high of $226. The hourly price chart shows that the price spiked from $216.60 to $223 in the first hour of Tuesday, trended horizontally for a bit and then went down to $221.20, where it found support. Following that, the bulls took charge once again and took the price up to $224.65, where it faced resistance. The price then plummeted to $218.25, where it found a healthy support level. Since then, the bulls took charge and took the price up to $220 as the day came to an end.
ETH/USD daily chart
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The daily price chart was trending below the 20-day Bollinger band, after which the bulls rallied to put it back in the band. Since then, the price has been trending horizontally and below the 20-day simple moving average (SMA 20) and SMA 50 curves.
The relative strength index (RSI) indicator is trending around 41.25, next to the oversold zone. The Elliot oscillator has had two straight bullish sessions, while the moving average convergence/divergence (MACD) shows decreasing bearish momentum.
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.
