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