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Ethereum Price Analysis: RSI indicator struggles to come out of the oversold zone

  • ETH/USD dropped from $132.65 to $122.20 this Tuesday.
  • The Elliott Oscillator has had three straight red sessions of increasing intensity.
Ethereum Price Analysis: RSI indicator struggles to come out of the oversold zone
Rajarshi MitraRajarshi MitraIndependent Analyst

ETH/USD daily chart

ETH/USD daily chart

ETH/USD had its second straight heavily bearish day this Tuesday, falling from $132.65 to $122.20. The bulls have re-entered the fray to take the price up to $124.75. They must break past resistance at $128 to sustain positive momentum. The 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves are floating above the price. The Elliott Oscillator and Moving Average Convergence/Divergence (MACD) show increasing bearish sentiment. The Relative Strength Index (RSI) indicator is trying to creep out of the oversold zone.
 

Author

Rajarshi Mitra

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.

More from Rajarshi Mitra
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