Ethereum price analysis: ETH/USD on course of charting six straight bullish days


  • ETH/USD went up from $198 to $198.20 in the early hours of Tuesday.
  • This Monday, ETH/USD peaked above the 20-day Bollinger band upper curve.

ETH/USD has had a bullish start to Tuesday, wherein the price went up from 198 to $198.20. In the process, Ethereum managed to have six straight bullish days. Over this period, ETH/USD has gone up from $178.40 to $198.20, going up by 11.10%. The hourly breakdown of Ethereum shows us that this Monday, the price went up to $195, where it met resistance and trended horizontally for a bit. After that, the bears took over and the price dropped from $194 to $189.60 within three hours. However, the bulls soon took charge and spiked the price from $191.80 to $199.48 within one hour. The price then corrected around $198.20.

ETH/USD daily chart

fxsoriginal

This Monday, the price peaked above the 50-day Simple Moving Average (SMA 50) and the 20-day Bollinger band curves. The price is also trending below the SMA 200 curve. The widening of the Bollinger jaw shows increasing market volatility. The Moving Average Convergence/Divergence (MACD) shows increasing bullish momentum and the Elliott oscillator shows 16 straight bullish sessions of growing intensity. The Relative Strength Index (RSI) indicator is trending around 63.15.
 

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