ETH/USD Technical Analysis: Bulls and Bears wrestle around the $170 level

ETH/USD Daily Chart

• ETH/USD is currently trading for $169.75.
• The market is prime for a breakout from the triangle formation.
• The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The signal line and MACD line are converging towards each other very slowly, as the bullish momentum decreases.

ETH/USD 4-Hour Chart

• The squeeze in the 20-day Bollinger band indicates lower market volatility.
• The 4-hour market is trending below the SMA 20 curve and above the SMA 200 and SMA 50 curves.
• The Elliot oscillator has six consecutive bearish sessions. 14 out of the last 16 sessions were bearish.

ETH/USD Hourly Chart

• The hourly ETH/USD price found resistance at the green cloud of the Ichimoku Indicator and went down.
• The nearest support level is at $169.35 from which the market found support and then bounced up.
• The relative strength index (RSI) indicator is at 45.31.

Key Levels