ETH/USD trends horizontally as SMA 20 and SMA 50 keep the price down

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  • ETH/USD on course of having a hattrick of bullish days as price consolidates in a flag formation.
  • The SMA 50 has crossed over the SMA 20 curve, which is a bearish pattern.

ETH/USD went up slightly from $181.25 to $181.65 so far today. In the process, ETH/USD is on course of charting a hattrick of bullish days and is consolidating in a flag pattern. This Monday, the price broke up above the downward trending line and is currently moving horizontally and getting primed for another breakout. The 20-day and 50-day Simple Moving Average (SMA 20, SMA 50) curves are acting as immediate market resistances. The buyers will need to go up to $184 to break above both the curves. The hourly breakdown shows us that the price went up to $181.80 before the bears took it down to $181.65.

ETH/USD daily chart

The SMA 50 curve has crossed over the SMA 20 curve, which is a bearish sign. The Moving Average Convergence/Divergence (MACD) indicator has gone up from 0.082 to 0.48, charting two straight bullish sessions. The Elliott Oscillator shows two consecutive bullish sessions, even though it is still trending in the negative. 
 

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