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Ethereum Price Analysis: ETH/USD bulls fail at $260

  • ETH/USD went up from $252.75 to $257.75.
  • ETH/USD reached a high of $264 before the bears entered the market.
Ethereum Price Analysis: ETH/USD bulls fail at $260
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD’s bulls and bears have had a seesaw day when it comes to market control. While the bulls started strong and took the price up from $252 to 253 within the first hour of Tuesday, the bears eventually entered the market and then shoved the price down to $249.40 over the next three hours. The bulls then gained control, and despite intermittent pushback from the bears, the price went up to $263. The bears then came in strong and took the price down to $256. Finally, the bulls managed to bring the price up to $257.75.

ETH/USD Daily Chart

  • The nearest resistance level is at $260.
  • The price is trending on the upper half of the 20-day Bollinger band.
  • The market found support on the upward trending line.
  • The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • The Elliot Oscillator shows two consecutive bearish sessions.
  • The signal line is converging with the MACD line, showing decreasing bullish momentum.
  • The relative strength index (RSI) indicator is still trending within the overbought zone.
     

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.

More from Rajarshi Mitra
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