Ethereum technical analysis: Can the bulls take the price back above $250?


ETH/USD daily chart

  • ETH/USD went down from $246.25 to $245.15 in the early hours of Thursday.
  • The market is trending below the 20-day simple moving average (SMA 20) and above the SMA 50 and SMA 200 curves.
  • The market is consolidating in a triangle formation and is getting primed for a breakout.
  • The signal line is diverging away from the moving average convergence/divergence (MACD) line showing increasing bearish momentum.
  • The relative strength index (RSI) is trending around 53 in the neutral zone.

ETH/USD 4-hour chart

  • The four latest sessions of the 4-hour chart have the bulls canceling the bears ours immediately after they attempt a breakout.
  • The 4-hour price has been trending below the green cloud of the Ichimoku indicator.
  • The market is consolidating in a triangle formation before it gets ready for a breakout.
  • The bulls will need to overcome resistance at $248.75.
  • Elliot oscillator shows eight straight bullish sessions of decreasing intensity.
  • The relative strength index (RSI) is trending around 44.

ETH/USD hourly chart

  • In the early hours of Thursday, the bears took the price down from $246.15 to $245.38. After that, the bulls took the price up to $246.
  • The narrowing of the 20-day Bollinger band hints at lower market volatility.
  • The hourly price is currently trending horizontally.
  • The hourly market is trending below the SMA 200 curve.
  • The SMA 20 has crossed over the SMA 50, which is a bullish sign.
  • The Elliot oscillator has had eight bullish sessions out of the last nine.
  • The signal line is trending parallelly with the MACD line and is slowly converging with it, indicating decreasing bullish momentum.

Key levels

ETH/USD

Overview
Today last price 245.96
Today Daily Change -0.22
Today Daily Change % -0.09
Today daily open 246.18
 
Trends
Daily SMA20 255.54
Daily SMA50 208.23
Daily SMA100 177
Daily SMA200 150.22
Levels
Previous Daily High 249.36
Previous Daily Low 237.78
Previous Weekly High 288.43
Previous Weekly Low 239.36
Previous Monthly High 288.43
Previous Monthly Low 159.05
Daily Fibonacci 38.2% 244.94
Daily Fibonacci 61.8% 242.2
Daily Pivot Point S1 239.52
Daily Pivot Point S2 232.86
Daily Pivot Point S3 227.94
Daily Pivot Point R1 251.1
Daily Pivot Point R2 256.02
Daily Pivot Point R3 262.68

 


 

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