- ETH/USD is currently trading for $294.25 as the bulls and bears are canceling each other out.
- The hourly ETH/USD price found support at the $281.25 line from where it bounced back up.
ETH/USD daily chart
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ETH/USD bulls edged out the bears towards the end of Monday. The price has gone up from $290.30 to $294.25. The bulls face massive resistance at $300, which they need to overcome. The price has found support on the upwards trending line and the 20-day simple moving average (SMA 20) curve. The moving average convergence/divergence (MACD) line has gone below the signal line indicating increasing bearish momentum.
ETH/USD 4-hour chart
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The ETH/USD 4-hour chart is trending currently in a downwards channel formation, even though the latest price session has broken upwards from the channel. The 20-day Bollinger band has widened, indicating increasing market volatility. The second last session has gone below the lower band of the Bollinger band, suggesting that it was undervalued, which was corrected by the latest session. The market is trending below the SMA 20 and SMA 50 curves and above the SMA 20 curves. The relative strength index (RSI) indicator is trending around 48.45.
ETH/USD hourly chart
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The hourly ETH/USD chart shows that the bulls initially took the price up to $298.65, where it was trending in the green Ichimoku cloud. The bulls negotiated with the resistance line one more time before it plunged down to $281.50, going below the cloud, in the process. The price found support at $281.50 and rebounded back up to $294.25, where it is currently negotiating with the $295-level.
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