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Ethereum price analysis: RSI indicator struggles to come out of the oversold zone

FX Street
Published date:
  • ETH/USD dropped from $132.65 to $122.20 this Tuesday.
  • The Elliott Oscillator has had three straight red sessions of increasing intensity.

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.
 

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