Ethereum Technical Analysis: Bulls take ETH/USD back into the $180 zone

ETH/USD Daily Chart

• Bulls took ETH/USD up from $176.50 to $181 in the early hours of Wednesday.
• Short-term resistance for bulls likes at $181.50.
• The relative strength index (RSI) curve is still trending at the edge of the overbought territory.
• The SMA 50 curve is on the verge of convergence with the SMA 200 curve which is a bullish sign.

ETH/USD 4-Hour Chart

• Bulls found support at the SMA 20 curve and bounced the price back up to $181.
• ETH/USD is currently trending in the upper half of the 20-day Bollinger band in the 4-hour chart.
• The Elliot Wave Oscillator shows that the latest session is bullish after four consecutive bearish sessions.

ETH/USD Hourly Chart

• The hourly ETH/USD chart forms a triangle pattern from which the market has had a bullish breakout.
• The bulls were able to shatter resistance at $179 and re-enter the $180 territory.
• The moving average convergence divergence (MACD) indicator shows that momentum has shifted towards the bulls.

Key Levels