Ethereum Price Analysis: ETH/USD fails at the $166.50 resistance line and falls down

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  • This Tuesday, the price of ETH/USD jumped from $143.50 to $165.85.
  • The MACD indicator shows increasing bullish momentum.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bears have entered the market to correct the price following a heavily bullish Tuesday. This Tuesday, the price of the asset jumped from $143.50 to $165.85, before it fell to $161.40 in the early hours of Wednesday. The price is hovering above the 20-day Bollinger Band and the 50-dau Simple Moving Average (SMA 50) curve. The SMA 20 is about to cross over with the SMA 50, which is a bullish sign. 

The Relative Strength Index (RSI) is trending at the edge of the overbought zone, while the Elliott Oscillator has had four straight green sessions. The Moving Average Convergence/Divergence (MACD) indicates increasing bullish momentum. What we can conclude via technical analysis is that while the bears are momentarily in control, the overall market sentiment is definitely bullish.
 

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