Ethereum Technical Analysis: ETH/USD bulls in control in the early hours of Thursday

By January 2, 2020 Ethereum
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  • The SMA 20 curve acts as immediate market resistance in the daily chart.
  • The Elliott Oscillator in the four-hour chart has had two straight red sessions, indicating mid-term bearish sentiment.

ETH/USD daily chart

ETH/USD daily chart

ETH/USD has bounced up from the upward trending line to jump from $128.80 to $130.20 in the early hours of Thursday. Earlier on Tuesday, ETH/USD failed at the $134.60 resistance level and then charted two straight bearish days, dropping to $128.80. The 20-day Single Moving Average (SMA 20) curve acts as immediate resistance, while the price is trending within a triangle pattern. The Moving Average Convergence/Divergence (MACD) indicates sustained bullish momentum.

ETH/USD four-hour chart

ETH/USD has had two straight bearish sessions in the four-hour timeframe but has managed to find support at the green Ichimoku cloud. The Elliott Oscillator has had two red consecutive red sessions, which hints at mid-term bearish sentiment. The bulls will need to overcome resistance at the $132-level, which has curtailed the price before.

ETH/USD hourly chart

ETH/USD is trending below the SMA 20 and SMA 50 curves in the hourly timeframe. The SMA 20 has crossed over the SMA 50, which is a bullish sign. The Relative Strength Index (RSI) indicator is trending around the neutral zone, which means that the bulls and bears are canceling each other out in the short term.

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The Elliott Oscillator in the four-hour chart has had two straight red sessions, indicating mid-term […]

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