Ethereum technical analysis: Bulls try to rally together and attempt a comeback
- Daily ETH/USD chart shows decreasing market momentum.
- 4-hour ETH/USD was trending in a downward pattern formation.
ETH/USD daily chart
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ETH/USD went up slightly from $176 to $176.15 in the early hours of Wednesday and is floating below the 20-day Simple Moving Average (SMA 20), SMA 50 and SMA 200 curves. The Moving Average Convergence/Divergence (MACD) indicates increasing bearish momentum.
ETH/USD 4-hour chart
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The 4-hour ETH/USD is trending in a downward channel formation. It found support at the $174.20 and jumped up to $176.15. The SMA 20 curve has crossed below the SMA 200 curve, which is a bearish sign. The 20-day Bollinger jaw has widened, indicating increasing price volatility. The Relative Strength Index (RSI) indicator is trending around 36, having crept above the oversold zone.
ETH/USD hourly chart
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The price is currently stuck between the SMA 20 curve on the downside and SMA 50 on the upside. The Elliott Oscillator has had 13 straight green sessions.
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.
