Ethereum price analysis: ETH/USD currently undervalued and consolidating in a flag formation
- ETH/USD is currently priced at $187, as bears crept past the bulls this Friday.
- The price has dipped below the 20-day Bollinger band, shows that ETH/USD is presently undervalued.
ETH/USD bulls and bears continued their tug-of-war this Friday with the latter coming out on top. The bears managed to negate the gains the bulls made on Thursday. Currently, the price has gone down from $188.33 to $187, charting a low of $178.40. The hourly chart price breakdown shows us that the price found support on the $181-line and then picked itself back up to $187.
ETH/USD daily chart
-637015911687516246.png)
ETH/USD plunged down this Wednesday and broke below the 200-day simple moving average (SMA 200) curve. In the process, it had a bearish breakout from the triangle formation and broke below the 20-day Bollinger band as well. Currently, the bulls are trying to fight back inside the Bollinger band to correct the price. The widening of the 20-day Bollinger jaw hints at increasing market volatility.
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.
