Ethereum Price Analysis: ETH/USD trends near the upper curve of the 20-day Bollinger band

ETH/USD bulls stage a comeback following Tuesday’s negative price action.
The MACD shows increasing bullish momentum.
William’s %R is hovering within the overbought zone, hinting at upcoming bearish correction.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD went up from $237.65 to $242.16 as Wednesday’s session came to a close. The price is trending near the upper curve of the 20-day Bollinger band, as the MACD shows increasing bullish momentum. William’s %R is hovering inside the overbought zone, hinting at upcoming bearish correction.

Support and Resistance

ETH/USD faces strong resistance at $248.35. On the downside, the price has healthy support at $232.60, $223.25, SMA 20 and SMA 50.

Key levels

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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Ethereum Price Analysis: ETH/USD trends near the upper curve of the 20-day Bollinger band