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.
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
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- 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.
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