ETH/USD bears retain control as they test the SMA 20

• ETH/USD dropped from $158.82 to $152.82 this Wednesday.
• The Elliott Oscillator in the daily chart has had five red sessions out of the last six.

ETH/USD daily chart

ETH/USD dropped from $152.82 to $151.45 in the early hours of Thursday. The price is consolidating in a triangle formation. The SMA 20 curve is holding steady and refusing to relent under pressure. If the bears do manage to break below the SMA 20, they will need to negotiate with the upward trending line next. The MACD indicates decreasing bullish momentum, while the Elliott OScillator has had five red sessions out of the last six.

ETH/USD hourly chart

ETH/USD has plummetted from $157.75 to $151.70 in four hours, dropping below the 20-day Bollinger Band in the process. The RSI indicator has also dipped into the oversold zone following the bearish price action. Both these indicators show that the price is currently undervalued and a short-term bullish correction is imminent.

Key levels