Ethereum Technical Analysis: ETH/USD retreats after brief charge into the $200-zone
- The buyers and sellers have regularly engaged in a tug of war for control of the market this Tuesday.
- The MACD in the hourly chart shows sustained bullish momentum.
ETH/USD hourly chart
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ETH/USD had a bullish start to Wednesday, as the price went up slightly from $196.65 to $198.48. In the process, the buyers took control following two consecutive bearish days. The hourly breakdown shows that there was a brief charge by the bulls to enter the $200-zone, but they lacked the momentum needed to do so, following which they immediately retreated. Throughout this Tuesday, the bulls and bears were engaged in a prolonged tug-of-war for control. Finally, the MACD indicates sustained bullish market momentum.
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.
