ETH/USD consolidates in a flag formation, bulls and bears shut each other out

  • Daily ETH/USD chart shows decreasing bullish momentum.
  • The four-hour chart has crept above SMA 20 and SMA 50 curves.

ETH/USD daily chart

ETH/USD daily chart has been consolidating in a flag formation over the last three days and is currently trading for $183.85. The market has found immediate support at the SMA 50 curve, while the Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.

ETH/USD four-hour chart

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The four-hour ETH/USD chart has had three bullish sessions in a row wherein the price went up from $180 to $183.85. The last three sessions also took the price above the 20-day Simple Moving Average (SMA 20) and SMA 50 curves. The four-hour price is floating above the green Ichimoku cloud, while the Elliott Oscillator has had two green sessions in a row.

ETH/USD hourly chart

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The hourly chart has found support at the upward trending line. The SMA 20 curve has crossed over the SMA 50 curve, which is a bullish sign. The Relative Strength Index (RSI) indicator is trending around 56.25. The 20-day Bollinger Band has widened, indicating increasing price volatility.

Key Levels

 

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