Bears remains in control, following 7% price drop this Monday

• The Relative Strength Index (RSI) indicator has dropped into the oversold zone.
• The MACD indicator shows increasing bearish momentum.

ETH/USD daily chart

ETH/USD had a heavily bearish Monday, wherein its price fell from $142.65 to $132.70, dropping by 7%. This Tuesday, the price has fallen further to $131.94 and is trending below the 20-day Bollinger Band – indicating that ETH/USD is currently underpriced. The Relative Strength Index (RSI) indicator has dropped into the oversold zone, while the Moving Average Convergence/Divergence (MACD) shows increasing bearish momentum. The Elliott Oscillator shows two straight red sessions.