Ethereum price analysis: ETH/USD hugs on to lower Bollinger curve, as bears stay in control
- ETH/USD drops to $168 in the early hours of Friday.
- Relative Strength Index (RSI) indicator has crept into the oversold zone.
ETH/USD is on the course of having four straight bearish days. Over the last four days, ETH/USD has fallen from $189 to $168, dropping by 11.11%. This Friday, the price fell from $169 to $168. ETH/USD is trending between the downward trending line and the lower curve of the 20-day Bollinger band. The price is sitting on the lower curve, showing that ETH/USD was on the verge of being undervalued. The hourly breakdown shows that the price fell to $165.15, where it found support and bounced back up. Since then, the bulls corrected it to $168.
ETH/USD daily chart
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The widening of the 20-day Bollinger jaw shows increasing market volatility and is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The SMA 200 has crossed over the SMA 20, which is a bearish signal. The bulls will need to protect the $164 support line to prevent further downward movement. The Elliott oscillator shows three straight bearish sessions, while the Relative Strength Index (RSI) indicator has crept into 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.
