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Ethereum Technical Analysis: ETH/USD tries to recover following bearish Thursday

ETH/USD dropped from $174.70 to $161.25 this Thursday.
The daily chart shows that the RSI indicator is trending around 32.35, next to the oversold zone.

Rajarshi Mitra Independent Analyst

ETH/USD daily chart

The daily ETH/USD price has dropped below the 20-day Bollinger curve, indicating that it is undervalued. The Bollinger jaw has widened, showing increasing price volatility. The pair is also floating below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves.

ETH/USD 4-hour chart

The 4-hour chart shows that the price dropped from $175.25 to $160.45 in 16 hours. Having found support at the $160.45 level and gone up to $161.75. The Elliott Oscillator has had five straight red sessions. The Bollinger width has gone up from 0.067 to 0.14, indicating increasing volatility.

ETH/USD hourly chart

The hourly ETH/USD is trending in an upwards channel formation and is floating below the SMA 20, SMA 50 and SMA 200 curves. Currently, the hourly price has found resistance at the $162.75 line and dropped to $161.75.

Key Levels

ETH/USD

Overview
Today last price	161.74
Today Daily Change	0.46
Today Daily Change %	0.29
Today daily open	161.28

Trends
Daily SMA20	182.87
Daily SMA50	180.37
Daily SMA100	183.93
Daily SMA200	215.01

Levels
Previous Daily High	175.76
Previous Daily Low	156.22
Previous Weekly High	191.89
Previous Weekly Low	177.06
Previous Monthly High	199.04
Previous Monthly Low	153.28
Daily Fibonacci 38.2%	163.68
Daily Fibonacci 61.8%	168.29
Daily Pivot Point S1	153.08
Daily Pivot Point S2	144.88
Daily Pivot Point S3	133.54
Daily Pivot Point R1	172.62
Daily Pivot Point R2	183.95
Daily Pivot Point R3	192.15

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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