Ethereum Price Analysis: ETH/USD bounced up from $224 support line

• The daily price is currently sandwiched between the SMA 20 and SMA 50 curves.
• The price of the asset fell from $232.30 to $224 in the early hours of Wednesday.

ETH/USD daily chart

ETH/USD price bounced up from the $224 support line to improve to $227.40 in the early hours of Wednesday. This followed a bearish Tuesday, where the price of the asset dropped from $232.30 to $224 in the early hours of Wednesday. ETH/USD is presently sandwiched between the SMA 20 and SMA 50 curves, with the latter on the downside. The MACD indicator shows decreasing bearish momentum, while the Elliott Oscillator fell from 72 to -11.82 over the last 17 days. Finally, the RSI indicator is trending around the neutral zone as ETH/USD continues to hover in a narrow $15-range over the previous seven days.