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Ethereum price analysis: Bears regain control after a bullish Thursday

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  • The 20-day Bollinger has shrunk down considerably, indicating decreasing price volatility.
  • The SMA 20 curve acts as immediate market resistance.

ETH/USD daily chart

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ETH/USD buyers had a good day this Thursday, taking the price up from $143.50 to $145. So far this Friday, it looks like they won’t be able to continue their rescue act as the bears have regained control of the market. The price has dropped a bit to $144.65 with the 20-day Simple Moving Average (SMA 20) acting as immediate market resistance. The 20-day Bollinger jaw has narrowed considerably, showing decreasing market volatility. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum, while the Relative Strength Index (RSI) indicator is trending around 38.45, next to the oversold zone.
 

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