Ethereum price analysis: Bulls attempt to correct the price even though sentiment remains bearish


  • ETH/USD fell from $275.15 to $273.80 in the early hours of Saturday.
  • This Friday, the bulls pulled the price back inside the Bollinger band.

ETH/USD has had a bearish start to the day as the price went down from $275.15 to $273.80 in the early hours of Saturday. Friday was a bullish day, wherein the price went up from $268.85 to $275.45. Intraday resistance lies at $277.45, where the bulls lost steam and then fell to $271.65, from which the price found support and then bounced back up. 

ETH/USD daily chart

Before Friday, ETH/USD faced three straight bearish sessions, wherein the price fell below the lower curve of the 20-day Bollinger band, showing that the price was undervalued. The bulls since stepped in and brought the price back inside the Bollinger band. The widening of the Bollinger jaw indicates increasing market volatility.

The price has found support on the upward trending line, while the 50-day simple moving average (SMA 50) curve acts as immediate resistance. The price is below the SMA 20, while it is trending above the SMA 200 curve. The moving average convergence/divergence (MACD) indicator shows increasing bearish momentum. The Elliot oscillator shows four straight bearish sessions.
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300. A shall green candle on a weekly chart is a promising signal, though the market is still gripped with uncertainty at this stage. 

More Bitcoin News

XRP/USD drops below $0.2000 after a failure at $0.2030

XRP/USD tested the intraday high at $0.2031, but the strong resistance located around this area discouraged the short-term bulls and pushed XRP/USD below $0.2000 by press time.

More Ripple News

ETH/USD breaks out into the $220 zone, will it be $230 or $210 next?

Ethereum price followed in the footsteps of the largest cryptocurrency by market capitalization, Bitcoin. BTC sprung upwards and for the first time in seven days, stepped above $9,600.

More Ethereum News

EOS/USD slumps below 4-hour SMA200, focus on $2.54

EOS/USD attempted a recovery above 4-hour SMA200 (currently at $2.65) and touched the intraday high at $2.67. However, the upside momentum proved unsustainable as the price of the digital asset dropped to $2.62

More EOS News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP