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.
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
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.
