Ethereum price analysis: Bears tighten their stranglehold on the ETH/USD market
- ETH/USD has dropped below the 20-day Bollinger band, indicating that it is undervalued.
- The relative strength index (RSI) indicator has crept inside the oversold zone.
Ethereum is on the course of having four bearish days in a row. This Wednesday, the price of ETH/USD fell from $209 to $186.85. Over the last four days, the price has fallen from $216.50 to $186.85. The hourly break down of the chart shows that the price plummeted from $205.60 to as low as $182.50 in just two hours before correcting itself to $189.15. After that, the price fell to $186.85.
ETH/USD daily chart
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This Wednesday, ETH/USD fell below the lower band of the 20-day Bollinger band, indicating that it is undervalued. This Wednesday’s price has also gone below the 200-day simple moving average (SMA 200) curve. The moving average convergence/divergence (MACD) shows increasing bearish intensity. The Elliot oscillator shows that six out of the last seven sessions were bearish. The relative strength index (RSI) indicator has crept inside the oversold zone.
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.
