Ethereum Price Analysis: ETH/USD breaks above flag formation and $170 barrier
- The SMA 20 curve has crossed above the SMA 50, which is a bullish sign.
- The RSI indicator is creeping along the edge of the overbought zone.
ETH/USD daily chart
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ETH/USD bulls made a comeback this Friday, following a bearish Thursday. The price went up from $164 to $171, breaking above the flag formation in the process. After falling back into the 20-day Bollinger Band this Thursday, the price managed to climb back above it, indicating that the asset is currently overpriced. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. Finally, the Relative Strength Index (RSI) indicator is creeping along the edge of the overbought zone, hinting that the market may go up a bit more before it faces bearish correction.
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.
