Ethereum technical analysis: ETH/USD consolidates in a flag formation, bulls and bears shut each other out
- Daily ETH/USD chart shows decreasing bullish momentum.
- The four-hour chart has crept above SMA 20 and SMA 50 curves.
ETH/USD daily chart
-637082609849519489.png)
ETH/USD daily chart has been consolidating in a flag formation over the last three days and is currently trading for $183.85. The market has found immediate support at the SMA 50 curve, while the Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.
ETH/USD four-hour chart
-637082609541230942.png)
The four-hour ETH/USD chart has had three bullish sessions in a row wherein the price went up from $180 to $183.85. The last three sessions also took the price above the 20-day Simple Moving Average (SMA 20) and SMA 50 curves. The four-hour price is floating above the green Ichimoku cloud, while the Elliott Oscillator has had two green sessions in a row.
ETH/USD hourly chart
-637082609208098908.png)
The hourly chart has found support at the upward trending line. The SMA 20 curve has crossed over the SMA 50 curve, which is a bullish sign. The Relative Strength Index (RSI) indicator is trending around 56.25. The 20-day Bollinger Band has widened, indicating increasing price volatility.
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.
