Ethereum price analysis: SMA 200 turns bullish as price consolidates

ETH/USD’s price is currently consolidating following a bearish Tuesday. In the early hours of Wednesday, the price of ETH/USD went down from $271.65 to $268.85. Throughout Tuesday, ETH/USD has been trending from $267.50 to $273 as the bulls and the bears have been engaging in a tug-of-war. The bulls will find encouragement in the fact that the 200-day simple moving average (SMA 200) has turned bullish for the first time since June 2018.

ETH/USD daily chart

• The ETH/USD daily chart is currently consolidating as it gets primed for a breakout.
• The jaws of the 20-day Bollinger band’s jaw is narrowing, which indicates decreasing market volatility.
• The price is trending above the SMA 200, SMA 50 and SMA 20 curves.
• In the moving average convergence/divergence (MACD) indicator shows that the signal line took a turn and is running parallelly with the MACD line, indicating decreasing bullish momentum.
• The relative strength index (RSI) indicator is trending next to the overbought zone.
• The Elliot oscillator’s three latest sessions are bullish.