Ethereum Market Overview: ETH/USD bulls rallying for a takeover

• Ethereum bears managed to eke out bulls as price went down slightly from $175 to $173.50.
• Technical Analysis shows that bulls are going to take over the market soon.

After being thwarted at the $180 nearly two weeks ago, bears have managed to take the price down to $173.50. Even though the overall sentiment till now has been bearish, the bulls have managed to rally back now and then. Technical analysis shows that the market sentiment is shifting towards the bulls. On the upside, the bulls will have to negotiate resistance at $175 and $180.

ETH/USD Daily Chart

• The market is trending above both the SMA 200 and SMA 50 curves.
• The SMA 200 and SMA 50 curves are about to chart the golden cross pattern.
• The Ichimoku indicator shows that upcoming sentiment is bullish.
• The two latest sessions of the Elliot wave oscillator are bullish after seven continuous bearish sessions.
• The signal line and MACD line are about to converge, which shows decreasing bearish momentum.
• The relative strength index (RSI) indicator is trending next to the overbought zone at 63.50.