Ethereum Price Analysis: ETH/USD bulls tire out as they reach the upper curve of the 20-day Bollinger Band

• ETH/USD bears stepped in following three straight bullish sessions.
• The MACD shows increasing bullish momentum.
• William’s %R is trending within the overbought zone, indicating that further bearish correction may be around the corner.

ETH/USD daily chart

ETH/USD dropped from $220.60 to $219.40 in the early hours of Saturday after three consecutive bullish sessions. The bulls ran out of steam as the price neared the upper curve of the 20-day Bollinger Band. The MACD shows increasing bullish momentum, while William’s %R is trending within the overbought zone, indicating that further bearish correction may be around the corner.

Support and Resistance

ETH/USD bulls faced stiff resistance at $229.15 and $238.20. On the downside, healthy support levels lie at $214.35, $208.70, SMA 20 and SMA 50.

Key levels