Ethereum Technical Analysis: ETH/USD marches towards $175-level.

ETH/USD Daily Chart

• ETH/USD went up from $172.65 to $174.65 as markets opened on Saturday.
• The price is currently trending inside an upward channel formation.
• The price is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The signal line is diverging away from the MACD line as the bullish momentum increases.
• The relative strength index (RSI) indicator is trending around 61.90.

ETH/USD 4-Hour Chart

• The narrowing of the 20-day Bollinger band shows decreasing market volatility.
• The latest session is looking to peek out of the upper curve of the Bollinger band.
• The latest session is also flirting with the $175 level.
• The price is also trending above the SMA 200, SMA 50, and SMA 20 curves.

ETH/USD Hourly Chart

• The hourly ETH/USD market has jumped out of the red cloud of the Ichimoku indicator.
• The Elliot wave oscillator has had five consecutive bearish sessions.  
• However, the red cloud shows us a possible upcoming short-term bearish correction.

Key Levels