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Ethereum Price Analysis: ETH/USD bears retain control as they test the SMA 20

ETH/USD dropped from $158.82 to $152.82 this Wednesday.
The Elliott Oscillator in the daily chart has had five red sessions out of the last six.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD dropped from $152.82 to $151.45 in the early hours of Thursday. The price is consolidating in a triangle formation. The SMA 20 curve is holding steady and refusing to relent under pressure. If the bears do manage to break below the SMA 20, they will need to negotiate with the upward trending line next. The MACD indicates decreasing bullish momentum, while the Elliott OScillator has had five red sessions out of the last six.

ETH/USD hourly chart

ETH/USD has plummetted from $157.75 to $151.70 in four hours, dropping below the 20-day Bollinger Band in the process. The RSI indicator has also dipped into the oversold zone following the bearish price action. Both these indicators show that the price is currently undervalued and a short-term bullish correction is imminent.

Key levels

ETH/USD

Overview
Today last price	151.46
Today Daily Change	-1.36
Today Daily Change %	-0.89
Today daily open	152.82

Trends
Daily SMA20	149.12
Daily SMA50	164.01
Daily SMA100	182.76
Daily SMA200	172.16

Levels
Previous Daily High	161.45
Previous Daily Low	152.14
Previous Weekly High	176.48
Previous Weekly Low	140.8
Previous Monthly High	252.76
Previous Monthly Low	89.65
Daily Fibonacci 38.2%	155.69
Daily Fibonacci 61.8%	157.89
Daily Pivot Point S1	149.49
Daily Pivot Point S2	146.16
Daily Pivot Point S3	140.18
Daily Pivot Point R1	158.8
Daily Pivot Point R2	164.77
Daily Pivot Point R3	168.1

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.

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