Ethereum Price Analysis: ETH/USD breaks above flag formation and $170 barrier

• The SMA 20 curve has crossed above the SMA 50, which is a bullish sign.
• The RSI indicator is creeping along the edge of the overbought zone.

ETH/USD daily chart

ETH/USD bulls made a comeback this Friday, following a bearish Thursday. The price went up from $164 to $171, breaking above the flag formation in the process. After falling back into the 20-day Bollinger Band this Thursday, the price managed to climb back above it, indicating that the asset is currently overpriced. The 20-day Simple Moving Average (SMA 20) has crossed over the SMA 50, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum. Finally, the Relative Strength Index (RSI) indicator is creeping along the edge of the overbought zone, hinting that the market may go up a bit more before it faces bearish correction.