Ethereum price analysis: SMA 200 turns bullish as price consolidates

ETH/USD went down from $271.65 to $268.85 this Wednesday.
SMA 200 turned bullish for the first time since June 2018.

Rajarshi Mitra Independent Analyst

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.

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.