Ethereum Price Analysis: ETH/USD consolidates in a triangle formation as bulls attempt a breakout

• ETH/USD went up from $111.45 $116.20 this Tuesday.
• The Elliott Oscillator has had two green sessions following ten straight red sessions.

ETH/USD daily chart

ETH/USD bulls stayed in control for the second straight day as the price picked up slightly from $116.20 to $117.45. This followed a bullish Tuesday where the price of ETH/USD went up from $111.45 to $116.20. As can be seen in the chart above, the price is consolidating in a triangle formation and is attempting to break past the downward trending line. The RSI indicator is sitting at the edge of the oversold zone, while the Elliott Oscillator has had two green sessions following ten straight red sessions. The SMA 200 is on the verge of crossing over the SMA 20 to chart the heavily bearish “death cross” pattern. What we can discern from this is that while the bulls can stay in charge in the short-term, the overall market sentiment may still be bearish.