Ethereum Price Analysis: ETH/USD continues to consolidate around the $165-level

ETH/USD has moved back into the 20-day Bollinger Band in the daily chart.
The RSI indicator is creeping along at the edge of the overbought zone.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD went up from $164.15 to $165.25 in the early hours of Friday, going back into the 20-day Bollinger Band. The price action of the last four days and the fact that the Relative Strength Index is trending horizontally at the edge of the overbought zone, both tell us that ETH/USD is currently going through a price consolidation period, around the $165-zone. The 20-day Simple Moving Average (SMA 20) has crossed over with the SMA 50, which is a bullish sign. The Elliott Oscillator and Moving Average Convergence/Divergence (MACD) both indicate bullish sentiment.

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.