Technical analysis ETH/USD, September 21

21.09.2020 13:54:25

Ethereum, following Bitcoin's price movement, declines on the first day of the week. The ETH/USD pair managed to hit a low of $339,50, but at the time of publication, it returned to the $348 area.

ethusd-21-sept-4-hour.jpg

The 4-hour chart shows that today's decline has pushed the ETH/USD pair below the uptrend. In this case, you can open sell orders by setting the stop loss at $369. Now the bears have set their target at $340. The next target is located around $318, but the bears will take time to reach it.

Even though the RSI has already entered the oversold zone, it may undergo another bearish crossover, supporting the price decline.

ethusd-21-sept-daily.jpg

On the daily chart, the ETH/USD pair has confirmed the downtrend that began to form on September 2. This strengthens forecasts for the further decline of the ETH/USD pair, as the pair dipped below 50 MA. And now the bears are aiming to lower the price to the 100MA area, at the level of $320.

The RSI dipped below the 50 marks, forming a stable downtrend since July 31st. Thus, we can predict a further decline in the ETH/USD pair in the coming sessions.