Ethereum Price Analysis: ETH/USD bulls take over, breaks past SMA 200
- ETH/USD rose from $170.50 to $173.43 on Tuesday.
- The Elliott Oscillator in the daily ETH/USD chart has had a red session following five consecutive green sessions.
ETH/USD daily chart
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ETH/USD went up from $170.50 to $173.43 in the early hours of Tuesday. The price broke past the resistance offered by the SMA 200. The SMA 20 has crossed over the SMA 50 to chart the bullish cross pattern. The price is presently charting in an upward channel formation. The MACD indicates sustained bullish momentum, while the Elliott Oscillator has had a red session following five consecutive green sessions.
ETH/BTC daily chart
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ETH/BTC has gone up from 0.0248 to 0.025 after finding support at the upward trending line. Quite like the ETH/USD daily chart, ETH/BTC has also charted a bullish cross, with the SMA 20 crossing over the SMA 50. The Elliott Oscillator has charted six straight green sessions of increasing intensity, while the RSI indicator has risen from 63.74 to 65.20, edging ever so closer to the overbought zone.
Key levels
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.
