Ethereum [ETH/USD] Technical analysis: the coin will be held captive by the bear for a longer duration

In recent days, the cryptocurrency market has neither seen a dramatic fall nor an increase. The price of all the coins seems to be stable even if controlled by the bear.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 121.51 with a market capitalization of $ 12.69 billion. The volume of cryptocurrency trade is $ 2.25 billion and the currency has plunged by more than 4% 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 $ 150.73 to $ 120.51. The uptrend for the currency is recorded from $ 114.35 to $ 118.87. The currency must first break the immediate resistance level, which is set at $ 122.56 to proceed on the strong resistance level, which is set at $ 129.47. The immediate support of the cryptocurrency is $ 117.91 and the strong support is $ 114.30.

Klinger Oscillator is currently predicting the presence of the bull in the market for cryptocurrency because the reading line is represented above the signal line after a crossover.

RSI is proving that the buying pressure for cryptocurrency is offset by the selling pressure of the currency.

Bollinger Bands he is imagining a less volatile market while the bands are seen to close one on the other.

1 day

Chart of daily prices of Ethereum | Source: trading view

The one-day chart shows a downtrend from $ 618.63 to $ 115.91 and from $ 149.49 to $ 122.53. The cryptocurrency rose from $ 83.74 to $ 115.61 and took even more steps to rest for $ 119.53. The immediate resistance for the currency is set at $ 156.06 and the strong resistance is $ 218.94. The currency established its immediate support for $ 114.17 and its strong support for $ 82.71.

MACD it is expecting a bearish market as the moving average line is currently below the signal line, after the two had a crossover.

Chaikin money flow it is also predicting a bear market while money is coming out of the market for money.

Parabolic SAR it is on the same page where the points are aligned over the candles.

Conclusion:

The coin will continue to be held captive by the bear, as long-term players are supporting it. This includes MACD, Chaikin Money Flow and Parabolic SAR from the one day chart.

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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.