Ethereum Price Analysis: ETH/USD continues its recovery as bulls target the $230-mark
- The RSI indicator is trending along horizontally in the neutral zone.
- The buyers must push ETH/USD up to $240 to re-enter the channel formation.
ETH/USD daily chart
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ETH/USD bulls continued market recovery for the third straight day, following a heavily bearish Wednesday. In the early hours of Saturday, ETH/USD went up from $227.50 to $229.70 and is knocking at the door of the $230-level. The price needs to go up further to $240 to re-enter the channel formation. Following the price action of the last three days, the RSI indicator managed to inhibit its downward momentum and trend horizontally around the neutral zone. The Elliott Oscillator has had 13 straight red sessions, while the MACD indicator shows increasing bearish momentum.
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.
