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

FX Street
Updated:
  • 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.
 

FX Street

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