Ethereum technical analysis: ETH/USD price consolidating around $270

ETH/USD daily chart

• The bears have control over the market this Tuesday as the price is consolidating between $270-$271.
• The 200-day simple moving average (SMA 200) has turned bullish, which is a great sign for holders.
• The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The nearest support level lies at $269 and the closest resistance level lies at $274.25.
• The relative strength index (RSI) indicator is inside the overbought zone, trending around 70.25.

ETH/USD 4-hour chart

• The 4-hour market supported by the red and green cloud of the Ichimoku indicator.
• The future sentiment of the market, as per the Ichimoku indicator, is bullish.
• The eight latest sessions of the 4-hour price chart are trending horizontally.
• Two out of the three latest sessions in the Elliot oscillator are bearish.

ETH/USD hourly chart

• The hourly ETH/USD market found support on the upward trending line.
• The second last session went above the upper curve of the 20-day Bollinger band and the bears immediately corrected that in the latest session.
• The SMA 20 curve has flat-lined and is acting as immediate support for the market.
• The signal line is looking to crossover with the moving average convergence/divergence (MACD) line indicating decreasing bearish momentum.

Key levels