Ethereum [ETH/USD] Technical analysis: Bear prevails over the bull

Ethereum [ETH], the third largest cryptocurrency by market capitalization, continues to bleed on the market because of the bear's attack. It is not the only currency to be wounded because of the winter animal, other cryptocurrencies like Bitcoin [BTC], XRP, Bitcoin Cash [BCHABC]and Litecoin [LTC] I joined the club. Furthermore, the cryptocurrency stood below $ 100 for the first time since its historical high.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 85.88 with a market capitalization of $ 8.9 billion. The currency has a trade volume of $ 2.3 billion and has plunged by over 25% over the last seven days.

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 $ 123.25 to $ 228.49. It also demonstrates another sharp decline from $ 110.32 to $ 83.50. Cryptocurrency has immediate resistance at $ 102.19 and strong resistance at $ 110.89. Support for the currency is set at $ 83.45.

Parabolic SAR a bullish time is currently in forecast as the points are aligned under the candelabras with the intention of pushing the coin upwards.

Bollinger bands they have expanded into the market, predicting a more volatile market for cryptocurrency.

Chaikin Money Flowhowever, it is showing a bearish wave since the line is below the zero point, indicating that money flows out of the market.

1 day:

Chart of a day of Ethereum | Source: trading view

In the one-day chart, the cryptocurrency shows a downward trend from $ 714 to $ 208.77. It also shows a sharp fall from $ 203.20 to $ 108.61. The immediate resistance for the currency is $ 122.16 and the strong resistance is set at $ 219.16.

MACD is forecasting a bearish wave when the moving average line has made a crossover with the intention of going downhill.

Klinger Oscillator he is also predicting a bearish rule as the reading line has only crossed over to take the south direction.

RSI it is also on the same page where it shows that the selling pressure for the currency is more than the buying pressure.

Conclusion:

The bear has acquired complete control of the currency, as indicated by MACD, Klinger Oscillator and RSI from the one-day chart, and CMF from the chart of an hour. The bull has not renounced the currency and is advancing with the help of the Parabolic SAR chart of an hour.

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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.