Ethereum price analysis: Bulls take an early lead this Friday after bears edge out a victory this Thursday
- ETH/USD is currently priced at $174.25 in the early hours of Friday.
- Elliott oscillator and MACD indicator both hint at sustained bullish sentiment.
ETH/USD had a bullish start to Friday as the price went up slightly from $174 to $174.25. This follows a frustrating Thursday for the buyers where the price went down from $175 to $174. The hourly breakdown of Thursday shows us that the price managed to take the price down to $171.55, where it trended horizontally for a bit. After that, the bulls stepped in and took it up to $174.84, before a last-ditch rally by the bears brought it down to $174. Friday had a bearish start where the price went down to $173.30 before the bulls immediately stepped in and took it back up to $174.25.
ETH/USD daily chart
The price has been checked on the upside by the downward trending line. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The 20-day Bollinger jaw is slightly widening, indicating increasing market volatility. The moving average convergence/divergence (MACD) and Elliott oscillator both show sustained bullish sentiment. The relative strength index (RSI) indicator is creeping along at 38.65.
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.
