ETH/USD creeps next to the oversold zone

• ETH/USD fell from $187.45 to $173 this Wednesday and has fallen further to $170.65.
• ETH/USD is looking to drop below the lower curve of the 20-day Bollinger band.

ETH/USD has had a bearish start to Thursday following heavily bearish Wednesday. ETH/USD fell from $187.45 to $173 this Wednesday and has fallen further to $170.65. The hourly breakdown shows us that ETH/USD fell from $187.55 to $166 within four hours. Following that, the bulls attempted to correct it by bringing it up to $174, before the bears dropped the price to $173.

ETH/USD daily chart

The price has found resistance on the downward trending and is close to the lower curve of the 20-day Bollinger band. This shows that the price may get undervalued soon, attracting more bulls. The 20-day Bollinger jaw has narrowed, indicating decreasing market volatility. The market is trending below the 200-day simple moving average (SMA 200), SMA 50 and SMA 20 curves. The moving average convergence/divergence (MACD) and Elliott oscillator are both showing two straight bearish sessions. The relative strength index (RSI) indicator is trending around 30.95, right next to the oversold zone.