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Ethereum price analysis: ETH/USD creeps back inside the Bollinger band

  • ETH/USD has gone up slightly from $161 to $161.60 so far this Friday.
  • MACD indicator shows increasing bearish market momentum.
Ethereum price analysis: ETH/USD creeps back inside the Bollinger band
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD has had a bullish start to Friday following four straight bearish days. Over the previous four days, ETH/USD had dropped from $175.75 to $161, falling by 8.40%. So far this Friday, the price has improved to $161.60. The hourly chart shows us that ETH/USD has been trending horizontally between $159.75 to $163.25. The price finds immediate resistance at the downward trending line, the 20-day Simple Moving Average (SMA 20) and SMA 50.

ETH/USD daily chart

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The 20-day Bollinger jaw has widened, indicating increasing market volatility, while the Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish momentum. The Elliott Oscillator has had four straight bearish sessions, while the Relative Strength Index (RSI) indicator is trending around 39.
 

Author

Rajarshi Mitra

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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