Rajarshi Mitra
Independent Analyst
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- Bulls took ETH/USD up from $176.50 to $181 in the early hours of Wednesday.
- Short-term resistance for bulls likes at $181.50.
- The relative strength index (RSI) curve is still trending at the edge of the overbought territory.
- The SMA 50 curve is on the verge of convergence with the SMA 200 curve which is a bullish sign.
ETH/USD 4-Hour Chart
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- Bulls found support at the SMA 20 curve and bounced the price back up to $181.
- ETH/USD is currently trending in the upper half of the 20-day Bollinger band in the 4-hour chart.
- The Elliot Wave Oscillator shows that the latest session is bullish after four consecutive bearish sessions.
ETH/USD Hourly Chart
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- The hourly ETH/USD chart forms a triangle pattern from which the market has had a bullish breakout.
- The bulls were able to shatter resistance at $179 and re-enter the $180 territory.
- The moving average convergence divergence (MACD) indicator shows that momentum has shifted towards the bulls.
Key Levels
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