Ethereum [ETH/USD] Technical analysis: will the upward rush occur on the market soon?

Ethereum [ETH], the third largest cryptocurrency by market capitalization, seems to have effectively avoided the bear's attack. The coin was prepared to defeat the bear from the beginning of this week. The currency, which was traded at the $ 100 margin, has now successfully passed the $ 110-mark.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 115.38, with a market capitalization of $ 11.94 billion. The trade volume of $ 2.56 billion has increased by 7.72% in the last 24 hours.

1 hour

Chart of the price of an hour of Ethereum | Source: trading view

In the chart at one hour, the currency shows a downtrend from $ 136.10 to $ 114.74. The chart also shows that the currency has not formed a significant uptrend. Immediate resistance is set at $ 116.20 and strong resistance is set at $ 124.80. Ethereum has an immediate support level of $ 101.96 and a strong support level of $ 100.86.

Parabolic SAR he is imagining a running of bulls as the points lined up beneath the chandeliers.

Bollinger bands shows that the market will be volatile from here as the bands have started to separate from one another.

Chaikin cash flow shows that money is entering the market because the line is below the zero line.

1 day

Chart of daily prices of Ethereum | Source: trading view

In the one-day chart, the currency has a downward trend from $ 466.01 to $ 208.77. It also records another very steep fall from $ 182.79 to $ 110.16. The coin has immediate resistance at $ 135.01 and a strong resistance at $ 318.48. The coin also has support for $ 106.36.

RSI shows that despite the efforts, the currency is still in the realm of the bear. This is because the selling pressure is more than the buying pressure.

MACD also shows that the coin is still stuck in the realm of the bear when the moving average line has made a crossover to take the path down the hill.

Klinger Oscillator is on the same page as the other two indicators as the reading line has made a bearish crossover.

Conclusion

The graph of an hour shows that the bull started its rally on the market with the support of the Parabolic SAR and CMF indicators. Nevertheless, the one-day chart shows that the coin has a long way to go out of the bear as expected by RSI, MACD and Klinger Oscillator.

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Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.