Ethereum price analysis: ETH/USD negotiating with resistance at the SMA 20 curve
- Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.
- The Elliott Oscillator has had three straight red sessions.
ETH/USD re-entered the $180-level as the price went up from $179.95 to $180.15 in the early hours of Saturday. The bulls have taken control after two straight bearish days, wherein ETH/USD dropped from $188.10 to $179.95. The hourly breakdown of Friday and Saturday shows us that after encountering intraday resistance at $184, ETH/USD dropped dramatically to $179.50 in just two hours. Following that, it managed to recover its price to $180.15.
ETH/USD daily chart
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ETH/USD is looking to break above the resistance provided by the 20-day Simple Moving Average (SMA 20). The 20-day Bollinger jaw has considerably narrowed, indicating decreasing price volatility. The Moving Average Convergence/Divergence (MACD) shows increasing bearish momentum, while the Elliott Oscillator has had three straight 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.
