Ethereum Price Analysis: ETH/USD drops below the $160-level

The price has crept back into the 20-day Bollinger Band.
The SMA 20 has crossed over the SMA 50 curve, which is a bullish sign.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

ETH/USD has dropped from $166.25 to $158.85 so far this Thursday as the bulls failed to keep the price above the $160-level. In the process, the price was able to creep back into the 20-day Bollinger Band, hinting that the asset is no longer overpriced. The Relative Strength Index (RSI) indicator has dropped below the overbought zone, reflecting the bearish correction. The Moving Average Convergence/Divergence (MACD) indicates decreasing bullish momentum.

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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