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Ethereum Technical Analysis: ETH/USD bulls push price above the $215-level

FX Street
Updated:
  • ETH/USD bulls stayed in control for the second straight day.
  • The Elliott Oscillator has had a green session following seven straight red sessions.
  • William’s %R is trending inside the overbought zone, which hints at an upcoming bearish correction.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD bulls stayed in control of the market for the second straight day as the price went up from $208.37 to $215.67. The price is currently trending near the upper curve of the 20-day Bollinger Band. The recent positive price action has caused the Elliott OScillator to have a green session following seven consecutive red sessions. William’s %R is trending inside the overbought zone, which hints at an upcoming bearish correction.

Support and Resistance

ETH/USD bulls must overcome resistance at $224.33 to cross the $225 critical psychological level. On the downside, healthy support lies at $207, SMA 20, $198.55 and SMA 50.

Key levels

 

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