Ethereum price analysis: ETH/USD bulls attempt to come back following a devastatingly bearish Friday
- ETH/USD sank from $192 to $180.85 this Friday.
- The market has found support at the SMA 20 curve.
ETH/USD bulls have taken the price of the asset from $181 to $182.15 so far today. The buyers are attempting to take back control of the market following a devastatingly bearish Friday. During the last two days, ETH/USD encountered resistance at $193.40 and sank to $180.85, losing 6.45% of its valuation. As per the technical analysis, the bulls must overcome resistance at $186.15 to continue the positive momentum.
ETH/USD daily chart
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The market has found support at the 20-day Simple Moving Average (SMA 20) curve and must encounter resistance at SMA 50. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicator shows that the signal line has dipped and is about to cross-over with the MACD line, hinting at upcoming bearish market momentum. The Elliott Oscillator has gone up from -0.47 to -0.25.
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.
