Ethereum technical analysis: Bulls catch the bears sleeping as market sentiment turns positive
- ETH/USD went up from $219.50 to $222 this Saturday.
- The 4-hour price chart’s latest session broke past resistance provided by SMA 50.
ETH/USD daily chart
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The daily price chart has found support on the upward trending line and gone up from $219.50 to $222. The price is trending below the 20-day simple moving average (SMA 20) and SMA 50 curves and above the SMA 200 curve. The moving average convergence/divergence (MACD) indicator shows decreasing market momentum.
ETH/USD 4-hour chart
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The latest session of the 4-hour price chart has broken past resistance provided by the SMA 50 curve. The 20-day Bollinger jaw is narrowing, showing decreasing market volatility, while the Elliot oscillator shows four straight bullish sessions, following four consecutive bearish sessions. The SMA 200 curve is trending above the 4-hour market.
ETH/USD hourly chart
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The hourly price chart has had a bullish breakout from the green Ichimoku cloud. The bulls seem to have found resistance on the $223.25 line and the price has settled around $222. The relative strength index (RSI) indicator is trending around 65.62 level after bouncing down from the overbought zone.
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.
