Ethereum market update: ETH/USD moves outside short-term Bollinger Band

• ETH/USD is under increasing selling pressure.
• Oversold RSI implies a short-term correction.

ETH/USD is changing hands at $128.11, having recovered from the intraday low reached at $127.41. The largest digital asset has lost nearly 4% since this time on Sunday amid growing bearish pressure on the cryptocurrency market. Ethereum has successfully lived through a major protocol update, though now we seem to have a delayed reaction to the risk event.  

Looking technically, ETH/USD broke the lower boundary of 1-hour Bollinger Band, which is an ominous sign, It might signal that bears have taken the market under control.  

Meanwhile, price tends to return within the Bollinger Band, which means that we may see a short-term recovery. The Relative Strength Index is in the oversold territory, though there are no signals of reversal as of yet.  

If the price breaks below $127.00, SMA200 (4-hour chart) at $126.15 will come into focus. This barrier might stop the bears and trigger a short-term recovery.  

On the upside, we need to see a sustainable move above $130.00 for the upside to gain traction with the next aim at $132.00 (midline of 1-hour Bollinger Band and $133.0-!33.30 (SMA50, 1-hour).  

ETH/USD, 1-hour chart