Ethereum Price Analysis: ETH/USD trends near the upper curve of the 20-day Bollinger band

• ETH/USD bulls stage a comeback following Tuesday’s negative price action.
• The MACD shows increasing bullish momentum.
• William’s %R is hovering within the overbought zone, hinting at upcoming bearish correction.

ETH/USD daily chart

ETH/USD went up from $237.65 to $242.16 as Wednesday’s session came to a close. The price is trending near the upper curve of the 20-day Bollinger band, as the MACD shows increasing bullish momentum. William’s %R is hovering inside the overbought zone, hinting at upcoming bearish correction.

Support and Resistance

ETH/USD faces strong resistance at $248.35. On the downside, the price has healthy support at $232.60, $223.25, SMA 20 and SMA 50.

Key levels