Ethereum Price Analysis: ETH/USD bulls fail at $260

ETH/USD’s bulls and bears have had a seesaw day when it comes to market control. While the bulls started strong and took the price up from $252 to 253 within the first hour of Tuesday, the bears eventually entered the market and then shoved the price down to $249.40 over the next three hours. The bulls then gained control, and despite intermittent pushback from the bears, the price went up to $263. The bears then came in strong and took the price down to $256. Finally, the bulls managed to bring the price up to $257.75.

ETH/USD Daily Chart

• The nearest resistance level is at $260.
• The price is trending on the upper half of the 20-day Bollinger band.
• The market found support on the upward trending line.
• The market is trending above the SMA 200, SMA 50, and SMA 20 curves.
• The Elliot Oscillator shows two consecutive bearish sessions.
• The signal line is converging with the MACD line, showing decreasing bullish momentum.
• The relative strength index (RSI) indicator is still trending within the overbought zone.