Ethereum price analysis: ETH/USD consolidating in a flag formation

ETH/USD has gone up from $308 to $311 in the early hours of Wednesday.
ETH/USD market momentum has decreasing bearish intensity.

Rajarshi Mitra Independent Analyst

ETH/USD daily price has gone up from $308 to $311 in the early hours of Wednesday, following a bearish Tuesday, wherein the price went down from $313.50 to $308. Looking at the hourly breakdown, we can see that ETH/USD had a bullish spike, which shot the price up from $308 to $312.22, within one hour, where it met resistance. After overcoming the resistance, the price went up further to $313.85, where it met another healthy resistance level before it fell to $311.

ETH/USD daily chart

The ETH/USD daily chart has formed a triangle formation, and the three latest prices are consolidating in a flag pattern. The market is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The 20-day Bollinger jaw is narrowing, which indicates lower market volatility.

The moving average convergence/divergence (MACD) indicator shows that the MACD line was about to be crossed over with the signal line before it diverged and both the lines are trending parallelly, very close to one another. This shows that the bearish market momentum has decreased. The Elliot oscillator has had four bullish sessions in a row with increasing intensity.

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.

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