Ethereum price analysis: Bears remains in control, following 7% price drop this Monday
- The Relative Strength Index (RSI) indicator has dropped into the oversold zone.
- The MACD indicator shows increasing bearish momentum.
ETH/USD daily chart
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ETH/USD had a heavily bearish Monday, wherein its price fell from $142.65 to $132.70, dropping by 7%. This Tuesday, the price has fallen further to $131.94 and is trending below the 20-day Bollinger Band - indicating that ETH/USD is currently underpriced. The Relative Strength Index (RSI) indicator has dropped into the oversold zone, while the Moving Average Convergence/Divergence (MACD) shows increasing bearish momentum. The Elliott Oscillator shows two straight red sessions.
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.
