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

By January 2, 2020 Ethereum
Click here to view original web page at
  • 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.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

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

Leave a Reply