Ethereum price analysis: Bulls take an early lead this Friday after bears edge out a victory this Thursday

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ETH/USD had a bullish start to Friday as the price went up slightly from $174 to $174.25. This follows a frustrating Thursday for the buyers where the price went down from $175 to $174. The hourly breakdown of Thursday shows us that the price managed to take the price down to $171.55, where it trended horizontally for a bit. After that, the bulls stepped in and took it up to $174.84, before a last-ditch rally by the bears brought it down to $174. Friday had a bearish start where the price went down to $173.30 before the bulls immediately stepped in and took it back up to $174.25.

ETH/USD daily chart

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The price has been checked on the upside by the downward trending line. The price is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The 20-day Bollinger jaw is slightly widening, indicating increasing market volatility. The moving average convergence/divergence (MACD) and Elliott oscillator both show sustained bullish sentiment. The relative strength index (RSI) indicator is creeping along at 38.65.

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