ETH/USD Technical Analysis: Golden cross incoming

ETH/USD Daily Chart

• ETH/USD is currently priced at $167 as markets opened this Thursday.
• The bulls will look to breach the $170 resistance line after they failed to do so this Sunday.
• The SMA 200 and SMA 50 curves are looking to converge and chart the golden cross pattern, which is a strong bullish sign.
• The relative strength index (RSI) indicator is trending around 57.80.

ETH/USD 4-Hour Chart

• The 20-day Bollinger band is widening in the 4-hour chart, which indicates increasing market volatility.
• The market is currently trending horizontally.
• The 4-hour market is also sandwiched between the SMA 50 and SMA 20 curves.
• The three latest sessions of the Elliot Wave Oscillator are bearish.

ETH/USD Hourly Chart

• The hourly ETH/USD was trending in the green cloud of the Ichimoku indicator before it had a bullish breakout.
• The market has also found support on the upward trending line
• The signal line is trending close to the MACD line which indicates decreasing bearish momentum.

Key Levels