ETH/USD hugs on to lower Bollinger curve, as bears stay in control

Fibo Quantum

  • 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

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.