Ethereum Technical Analysis: ETH/USD bulls in control in the early hours of Thursday
- The SMA 20 curve acts as immediate market resistance in the daily chart.
- The Elliott Oscillator in the four-hour chart has had two straight red sessions, indicating mid-term bearish sentiment.
ETH/USD daily chart
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ETH/USD has bounced up from the upward trending line to jump from $128.80 to $130.20 in the early hours of Thursday. Earlier on Tuesday, ETH/USD failed at the $134.60 resistance level and then charted two straight bearish days, dropping to $128.80. The 20-day Single Moving Average (SMA 20) curve acts as immediate resistance, while the price is trending within a triangle pattern. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum.
ETH/USD four-hour chart
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ETH/USD has had two straight bearish sessions in the four-hour timeframe but has managed to find support at the green Ichimoku cloud. The Elliott Oscillator has had two red consecutive red sessions, which hints at mid-term bearish sentiment. The bulls will need to overcome resistance at the $132-level, which has curtailed the price before.
ETH/USD hourly chart
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ETH/USD is trending below the SMA 20 and SMA 50 curves in the hourly timeframe. The SMA 20 has crossed over the SMA 50, which is a bullish sign. The Relative Strength Index (RSI) indicator is trending around the neutral zone, which means that the bulls and bears are canceling each other out in the short term.
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.
