Ethereum Price Analysis: ETH/USD bulls break past $170 and aim for $180-level

Rajarshi Mitra
Rajarshi Mitra FXStreet
  • ETH/USD went up from $167 to $174.15 this Thursday.
  • The 50-day simple moving average (SMA 50) and SMA 200 curves are on track to chart the golden cross.

ETH/USD has had an extremely fruitful Thursday as the bulls took the price up from $167 to $174.15, breaking past the $170 barrier in the process. The last time the market managed to do so was back on April 7th. The price managed to be in that zone for the next three days before the market went down on April 11th. Currently, the price is trending in a channel which hints at a possible breakout.

ETH/USD Daily Chart

  • The SMA 50 and SMA 200 curves are still on course to chart the golden cross intersection. This is one of the most strongly bullish indicators in technical analysis.
  • The latest session in the Elliot Wave Oscillator was bullish after seven consecutive bearish sessions. This shows that the market sentiment may have shifted from the bears to the bulls.
  • The signal line is about to converge with the moving average convergence divergence (MACD) line which shows decreasing bearish momentum.
  • The relative strength index (RSI) indicator curve is creeping towards the overbought zone.
     

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