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Ethereum Price Analysis: ETH/USD bounces up slightly after finding support at the SMA 20 curve

  • ETH/USD is trending in a triangle pattern formation.
  • The MACD indicator shows a reversal of bullish momentum.
Ethereum Price Analysis: ETH/USD bounces up slightly after finding support at the SMA 20 curve
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bulls took control this Friday, as the price went up slightly from $162.55 to $163.30. The price is consolidating in a triangle formation and has found support at the SMA 20 curve. The MACD line has touched the signal line, indicating a reversal of bullish momentum. The Elliott Oscillator has had five straight bearish sessions, while the RSI indicator is hovering around 62.50, showing that the market is going through a consolidation period.
 

Author

Rajarshi Mitra

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.

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