Ethereum price analysis: Can ETH/USD do two bullish days in a row?

ETH/USD went up from $287.80 to $294.50 within an hour.
Technical analysis shows that the market sentiment remains bearish.

Rajarshi Mitra Independent Analyst

ETH/USD bulls are trying to have two straight bullish days in a row. The market is currently trending in a triangle formation. So far, the price has gone up from $287.80 to $293.30, including a movement wherein the price shot up from $287.80 to $294.50 within an hour, within a single hour. In the process, the bulls overcame intraday resistance at $291.75

ETH/USD daily chart

The 20-day simple moving average (SMA 20) acts as immediate resistance, along with the downward trending line. The 20-day Bollinger jaw is narrowing, showing decreasing market volatility. The market is trending above the SMA 50 and SMA 200 curves. The Elliot oscillator shows ten straight bearish sessions, while the moving average convergence/divergence (MACD) also shows seven consecutive bearish sessions.

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.