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Ethereum Price Analysis: ETH/USD trends near the upper curve of the 20-day Bollinger band

  • ETH/USD bulls stage a comeback following Tuesday’s negative price action.
  • The MACD shows increasing bullish momentum.
  • William’s %R is hovering within the overbought zone, hinting at upcoming bearish correction.
Ethereum Price Analysis: ETH/USD trends near the upper curve of the 20-day Bollinger band
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD daily chart

ETH/USD daily chart

ETH/USD went up from $237.65 to $242.16 as Wednesday’s session came to a close. The price is trending near the upper curve of the 20-day Bollinger band, as the MACD shows increasing bullish momentum. William’s %R is hovering inside the overbought zone, hinting at upcoming bearish correction.

Support and Resistance

ETH/USD faces strong resistance at $248.35. On the downside, the price has healthy support at $232.60, $223.25, SMA 20 and SMA 50.

Key levels


 

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.

More from Rajarshi Mitra
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