Ethereum price analysis: ETH/USD creeps next to the oversold zone
- ETH/USD fell from $187.45 to $173 this Wednesday and has fallen further to $170.65.
- ETH/USD is looking to drop below the lower curve of the 20-day Bollinger band.
ETH/USD has had a bearish start to Thursday following heavily bearish Wednesday. ETH/USD fell from $187.45 to $173 this Wednesday and has fallen further to $170.65. The hourly breakdown shows us that ETH/USD fell from $187.55 to $166 within four hours. Following that, the bulls attempted to correct it by bringing it up to $174, before the bears dropped the price to $173.
ETH/USD daily chart
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The price has found resistance on the downward trending and is close to the lower curve of the 20-day Bollinger band. This shows that the price may get undervalued soon, attracting more bulls. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The market is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) and Elliott oscillator are both showing two straight bearish sessions. The relative strength index (RSI) indicator is trending around 30.95, right next to 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.
