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Ethereum Price Analysis: ETH/USD bulls launch their comeback as they aim for the $120-level

  • Earlier this Monday, ETH/USD dropped from $123.45 to $111.75.
  • The RSI indicator is looking to creep above the oversold zone as bulls take back control.
Ethereum Price Analysis: ETH/USD bulls launch their comeback as they aim for the $120-level
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bulls took control of the market this Tuesday as the price went up from $111.75 to $117.57 as they aim to take the price back above the $120-level. This followed a bearish Monday wherein the price fell from $123.45 to $111.75. The price is currently consolidating in a flag formation and has found support on the lower curve of the 20-day Bollinger Band. The MACD indicates sustained, yet decreasing bearish momentum, while the RSI indicator is looking to creep above the oversold zone following this Tuesday’s bullish price action.
 

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.

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