Ethereum technical analysis: Bears step in to tackle ETH/USD at $275
- ETH/USD went up from $268.55 to $274.25 this Monday.
- Tuesday has been bearish so far, as the price has gone down to $270.25.
ETH/USD daily chart
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The daily ETH/USD price is currently trending in an upwards channel. Four out of the last seven sessions have been bullish. The price went up from $268.55 to $274.25 this Monday. The bears stepped in this Tuesday and prevented the price from breaching past the $275-level. ETH/USD is currently trading at $270.25. The price is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) indicator shows that the signal line is diverging away from the MACD line, indicating bullish momentum.
ETH/USD 4-hour chart
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The 4-hour ETH/USD market shows that the latest price session has broken past the support provided long-running upward trending line. ETH/USD bulls have found resistance at $277.50 and $275. The Ichimoku cloud turned red this Monday but has since become green again. The relative strength index (RSI) indicator is trending around 56.25. The SMA 200 curve momentarily crossed over the SMA 50 curve before the SMA 50 regained its lead.
ETH/USD hourly chart
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The hourly ETH/USD chart is trending below the SMA 50 and SMA 20 curves while it is still above the SMA 200 curve. The Elliot oscillator shows three straight bearish sessions of increasing bearish intensity. The three latest sessions have pushed the price down towards the lower curve of the 20-day Bollinger band. The narrowing of the Bollinger jaw also indicates lower market volatility.
Key Levels
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.
