Bulls attempt to correct the price even though sentiment remains bearish

  • ETH/USD fell from $275.15 to $273.80 in the early hours of Saturday.
  • This Friday, the bulls pulled the price back inside the Bollinger band.

ETH/USD has had a bearish start to the day as the price went down from $275.15 to $273.80 in the early hours of Saturday. Friday was a bullish day, wherein the price went up from $268.85 to $275.45. Intraday resistance lies at $277.45, where the bulls lost steam and then fell to $271.65, from which the price found support and then bounced back up. 

ETH/USD daily chart

Before Friday, ETH/USD faced three straight bearish sessions, wherein the price fell below the lower curve of the 20-day Bollinger band, showing that the price was undervalued. The bulls since stepped in and brought the price back inside the Bollinger band. The widening of the Bollinger jaw indicates increasing market volatility.

The price has found support on the upward trending line, while the 50-day simple moving average (SMA 50) curve acts as immediate resistance. The price is below the SMA 20, while it is trending above the SMA 200 curve. The moving average convergence/divergence (MACD) indicator shows increasing bearish momentum. The Elliot oscillator shows four straight bearish sessions.
 

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