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.

Rajarshi Mitra Independent 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

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

ETH/USD Daily Chart

Legal Text

Markets move fast. We move first.

Editor's Picks