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Ethereum price analysis: Market consolidates as ETH/USD trends in overbought zone

FX Street
Updated:
  • ETH/USD is currently priced at $272.50.
  • Bulls need to overcome critical resistance level lies at $275.

ETH/USD has had a bullish opening this Thursday and is currently priced at $272.50. Following two straight bearish days, ETH/USD is currently in a consolidation phase. Towards the end of yesterday’s session, the bears took the price down from $273.50 to $269.75.

ETH/USD daily chart

  • The narrowing of the 20-day Bollinger jaw indicates lower market volatility.
  • The price is trending above the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves.
  • Critical resistance level lies at $275, while the nearest support level lies at $263.85.
  • The relative strength index (RSI) indicator is trending at the edge of the overbought zone for the last four days.
  • The moving average convergence/divergence (MACD) indicator shows that the signal line and MACD line are trending parallelly right next to each other.
  • The Elliot oscillator has had four straight bullish sessions.
     

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