Ethereum price analysis: Market consolidates as ETH/USD trends in overbought zone

ETH/USD is currently priced at $272.50.
Bulls need to overcome critical resistance level lies at $275.

Rajarshi Mitra Independent Analyst

ETH/USD has had a bullish opening this Thursday and is currently priced at $272.50. Following two straight bearish days, ETH/USD is currently in a consolidation phase. Towards the end of yesterday’s session, the bears took the price down from $273.50 to $269.75.

ETH/USD daily chart

The narrowing of the 20-day Bollinger jaw indicates lower market volatility.
The price is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
Critical resistance level lies at $275, while the nearest support level lies at $263.85.
The relative strength index (RSI) indicator is trending at the edge of the overbought zone for the last four days.
The moving average convergence/divergence (MACD) indicator shows that the signal line and MACD line are trending parallelly right next to each other.
The Elliot oscillator has had four straight bullish 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.