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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

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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