Ethereum price analysis: ETH/USD bulls remain in control after a dominating Monday
- SMA 20 and SMA 50 curves act as immediate market resistances.
- The Elliott Oscillator has had a bullish session after three straight bearish sessions.
ETH/USD has gone up from $180.65 to $182.25 so far today. This Monday, The price jumped from $170.40 to $180.65, breaking past the resistance provided by the downward trending line in the process. As per technical analysis, the bulls must overcome resistance at $186.50 to peek above the 20-day and 50-day Simple Moving Average (SMA 20 and SMA 50) curves. Following that, the bulls will need to overcome resistance at $196.50. If this resistance level is defeated, then ETH/USD will re-enter the $200-zone for the first time in over two weeks.
ETH/USD daily chart
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The SMA 20, SMA 50 and SMA 200 curves are trending above the daily ETH/USD chart. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bearish momentum, while the Elliott Oscillator has had a bullish session following three straight bearish sessions.
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.
