Ethereum [ETH/USD] Technical Analysis: Mini bull run to fade as bear slowly gains ground

Last night [January 6], the whole cryptocurrency market lit up green within a fraction of an hour. The mini bull run continues to ride the market ahead.

According to CoinMarketCap, at press time, Ethereum [ETH] was trading at $ 156.44, with a market cap of $ 16.3 billion. The coin has a trading volume of $ 2.96 billion and has surged by over 14.32% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency demonstrates to downtrend from $ 159.40 to $ 157.67. It records another downtrend from $ 157.64 to $ 156.15, and further down to rest at $ 155.29. The coin has two notable uptrends, from $ 32.34 to $ 151.50 and from $ 152.03 to $ 154.57. The immediate resistance for the currency is set at $ 157.69 and the strong resistance at $ 159.47. The immediate support is placed at $ 150.28 and the strong support is at $ 132.23.

Parabolic SAR is showing the effects of the bullish. This is the beginning of the candlesticks.

Chaikin Money Flow is started on the same page.

Bollinger Bands are forecasting a less volatile market for the cryptocurrency.

1-day

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the downtrend is pictured from $ 466.01 to $ 155.92. The coin has three uptrends, the first from $ 83.74 to $ 114.53, the second from $ 114.53 to $ 130.66 and the third from $ 130.66 to $ 154.21. The immediate resistance for the coin can be seen at $ 179.29 and the strong resistance at $ 318.39. The immediate support for the coin is at $ 114.33 and the strong support at $ 82.62.

RSI is currently showing that the pressure is being applied to the market.

Klinger Oscillator is forecasting a bearish market as a reading line and a line of crossover, with the line reading deciding to go down south.

MACD, on the contrary, is still showing a bullish trend as a moving line.

Conclusion

Despite yesterday's mini-run in the market, a majority of the indicators are forecasting a bearish wave. This includes Parabolic SAR, and Chaikin Money flow from the one-hour chart, and Klinger Oscillator from the one-day chart.