ETH/USD becomes sluggish as bulls and bears cancel each other out


ETH/USD daily chart

  • ETH/USD daily chart forms bullish flag patterns which are ready for a breakout.

ETH/USD 4-hour chart

  • Bulls and bears cancel each other out in the last two sessions.
  • ETH/USD 4-hour market trends sideways but remains in the bullish zone since it is trending above the 20-day simple moving average (SMA 20) curve.
  • The relative strength index (RSI) is creeping along the overbought zone.

ETH/USD hourly chart

  • Market forms ascending wedge which is prime for a breakout.
  • Moving average convergence/divergence shows that bullish momentum is decreasing.

Key Levels

  • Resistance 3: $160.77
  • Resistance 2: $156.80
  • Resistance 1: $151.80
  • Pivot Point: $147.82
  • Support 1: $142.82
  • Support 2: $138.84
  • Support 3: $133.84
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