ETHUSD - 4H Chart Analysis
After the sideways movement which started on the 22nd of October, the price registered an aggressive movement, this time downwards.
The 20 days Moving Average has been crossed this morning and the price also went below the standard deviation of the Bollinger Bands.
Bearing this in mind, together with the RSI which is showing an "oversold" position, we might be tempted to say that the price will bounce back but on the other hand, the Stochastic and the MACD are indicating that we don't have too many reasons to believe in the price recovery, as long as both are signaling that the downtrend will continue.
Considering all the indicators mentioned above, a possible scenario is a slow down of the drop, followed by slight sideways movements but if the price will break the first support level of 197$, the next target price seems to be 192$.
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