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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 again inside the Bollinger band.

ETH/USD has had a bearish begin 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, whereby the price went up from $268.85 to $275.45. Intraday resistance lies at $277.45, the place the bulls misplaced steam after which fell to $271.65, from which the price discovered assist after which bounced again up. 

ETH/USD day by day chart

Earlier than Friday, ETH/USD confronted three straight bearish classes, whereby the price fell under the decrease curve of the 20-day Bollinger band, exhibiting that the price was undervalued. The bulls since stepped in and introduced the price again inside the Bollinger band. The widening of the Bollinger jaw signifies growing market volatility.

The price has discovered assist on the upward trending line, whereas the 50-day easy shifting common (SMA 50) curve acts as fast resistance. The price is under the SMA 20, whereas it’s trending above the SMA 200 curve. The shifting common convergence/divergence (MACD) indicator reveals growing bearish momentum. The Elliot oscillator reveals 4 straight bearish classes.
 

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