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Ethereum price analysis: ETH/USD creeps back inside the Bollinger band

FX Street
Updated:
  • ETH/USD has gone up slightly from $161 to $161.60 so far this Friday.
  • MACD indicator shows increasing bearish market momentum.

ETH/USD has had a bullish start to Friday following four straight bearish days. Over the previous four days, ETH/USD had dropped from $175.75 to $161, falling by 8.40%. So far this Friday, the price has improved to $161.60. The hourly chart shows us that ETH/USD has been trending horizontally between $159.75 to $163.25. The price finds immediate resistance at the downward trending line, the 20-day Simple Moving Average (SMA 20) and SMA 50.

ETH/USD daily chart

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The 20-day Bollinger jaw has widened, indicating increasing market volatility, while the Moving Average Convergence/Divergence (MACD) indicator shows increasing bearish momentum. The Elliott Oscillator has had four straight bearish sessions, while the Relative Strength Index (RSI) indicator is trending around 39.
 

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