Ethereum Price Analysis: ETH/USD Bulls on a warpath

  • ETH/USD went up from $195.50 to $217.45 this Tuesday.
  • The RSI shows that immediate bearish correction could be on the horizon.

ETH/USD went up from $195.50 to $217.45, charting an 11.23% growth in the process. As the markets opened on Tuesday, ETH/USD went up from $195.50 to $210.50 within five hours. The bears then attempted to pull down the price to $207.85, before the buyers managed to pull it back up to $213. This was when massive bearish correction entered the market, and the price went back down to $206.45 where it trended horizontally for a while before renewed bullish momentum pulled it back up to $217.45.

ETH/USD Daily Chart

  • On the upside, the resistance lies at $220.
  • The last four sessions took the price above the upper curve of the 20-day Bollinger band.
  • The widening of the Bollinger band shows increasing market volatility.
  • The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
  • The relative strength index (RSI) indicator is trending around 79. The previous two times it trended around this zone, the market went through a momentary bearish correction.
  • The signal line is diverging away from the MACD line showing increasing bullish momentum.
     

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