Ethereum Technical Analysis: ETH/USD consolidating around $254

ETH/USD Daily Chart

• ETH/USD went up from $252.25 to $253.50 in the early hours of Tuesday morning.
• The price is currently consolidating in a flag formation.
• On the upside, the nearest resistance level is at $260.
• The price is trending above the 200-day simple moving average (SMA 200), SMA 50, and SMA 20 curves.
• The relative strength index (RSI) indicator is creeping near the overbought zone.

ETH/USD 4-Hour Chart

• The narrowing of the 20-day Bollinger band shows decreasing market volatility.
• The price is currently trending in an upwards channel.
• The price found support on the SMA 20 curve and bounced back up.
• The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The Elliot wave oscillator had a bullish session following six consecutive bearish sessions.

ETH/USD Hourly Chart

• The hourly ETH/USD was trending in the red cloud of the Ichimoku indicator and then went up.
• The price is currently trending upwards in a channel formation.
• The hourly market has the $258.75 resistance level on the upside.
• The moving average convergence divergence (MACD) indicator shows six consecutive bullish sessions.

Key Levels