Ethereum (ETH) Price Analysis: Positive Signs, above SMA : Price Analyses

Ethereum (ETH) Price Analysis: Positive Signs, above SMA

Ethereum is trending with the rest of the market today with no strong moves to either the upside or downside.

One positive sign is that it’s above the SMA between the Bollinger bands in a tight trading pattern. As we previously reported with Bitcoin earlier today, we could be looking at a major move soon due to the lack of selling and buying pressure for the currencies.

Ethereum remains near its pivot point at $132 and is not looking to break to the upside or the downside at this very moment.

Resistance for ETH/USD is near $144 while its support remains unchanged at $130.

Looking at the MACD we can see some positive movement in favor of the bears.

The huge green candle on the 14th of March saw the price high skyrocket above its previous trading range that was supported by unusually high volume.

We can see similar behavior on the 8th of March that led to steep losses for the currency. The most recent candle to the upside, however, was not met with higher closing prices moving forward, but we are still trending to the upside for now.

Hamish Hilton

Hamish has a master's degree in behavioral finance from the University of Waikato, New Zealand. When not studying the charts he can be found exploring the great outdoors. Contact: hamish@priceanalyses.com.