Ethereum [ETH/USD] Technical analysis: bulls persist with long-term cryptocurrency

The cryptocurrency market started the year with an amazing bull run that included the Ethereum news [ETH] secure its second position on the list by market capitalization.

At the time of writing, Ethereum [ETH] it is trading at $ 156.14 with a market capitalization of $ 16.2 billion. The cryptocurrency was selling from $ 85 during the first week of December. However, towards the final week of the year, ETH showed decent progress and exceeded the $ 100 threshold and continued the upward trend. The main trading volume of the digital asset is seen on the Chinese OEX exchange, which is followed by OKEx and Binance.

1 hour:

ETH chart 1 hour | Source: TradingView

The Ethereum hourly table is currently showing a massive uptrend that ranges between $ 120.35 and $ 138.52 – $ 160.6. The recent resistance point set at $ 149 was interrupted by the cryptocurrency to reach the most recent price. Furthermore, it can be noted that the support is set at $ 121.

The Bollinger bands is currently showing a bullish run for ETH as the chandeliers are moving above the moving average line. After the sharp fall in prices on December 28, the bands narrowed further, indicating a sudden breakout. This time it was again in favor of all the ETH hodlers with a significant increase. Bollinger Bands remain in the expanded form indicating that there are chances of volatility in the ETH market.

The Awesome Oscillator indicates that the cryptocurrency continues to gain momentum by holding the green tips above the zero line on the histogram.

Chaikin cash flow he moved over the zero line on January 1 and supported his trip in the same area. This indicates that the inflow of money into the Ethereum market has increased compared to last month.

24 hours:

ETH 24 hour chart Source: TradingView

The daily chart of ETH shows a downward trend that ranges from $ 616 to $ 158.3 with resistance points set at $ 28.19 and $ 226.3. Furthermore, there is an upward trend formed between $ 92.7 – $ 114 – $ 146.2.

The Parabolic SAR the dashed indicators under the candelabra are slightly forming, indicating an upward trend for ETH.

The MACD it has also adopted a bullish crossover with the moving average line and the signal line that continually moves upward. The MACD histogram is also forming green bars that demonstaratig the bull run.

The Relative strength index [RSI] it is currently moving very close to the overbought area indicating a high pressure for the currency.

Conclusion:

Technical analysis demonstrates a bullish run for Ethereum in both times. All the indicators clearly show a positive side for the cryptocurrency while he returned to the second position.

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Laira is a full-time writer at AMBCrypto. She is a degree in Computer Science and has about 1 year of writing experience. His enthusiasm and his keen interest in the development of his knowledge on blockchain and cryptocurrency have led her to become part of AMBCrypto. At the moment it has no value in cryptocurrency or in its projects.