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The cryptocurrency market is in hibernation while the cold wrath of the bear is unleashed. At the time of writing this article, ETH increased by only 0.22%, trading at $ 177.5 with a market capitalization of $ 18.32 billion. The 24-hour trading volume was $ 2.45 billion.
1 hour:
ETHUSD 1 hour candelabras | Source: tradingview
In this ETH candelabra scenario, the downtrend line extends from $ 203.9 to $ 176.9. A serious violation of support also occurred during the collective bearish downturn in the market, where current support is very low at $ 165.2.
The Parabolic SAR seems to be bullish on the trend of Ether prices. The points provide support for the candelabras by aligning under the candles.
The Awesome Oscillator has become red since now. The indicator is bearish on the market, contrary to the aforementioned provision.
The Chaikin cash flow has taken a neutral approach to price speculation, as the reading line continues to travel horizontally.
1 day:
ETHUSD 1 day candlesticks | Source: tradingview
In the 1-day time frame, the downtrend extends from $ 465.5 to $ 209.1 where the chandeliers have broken more supports. The previous support set at $ 182 has been superseded by the current support set at $ 177. This shows that Ether has been drenched further down with the downside of the crypto-bear market.
The Bollinger bands the gap is widening to accommodate greater market volatility. Greater price fluctuations can be expected in the ETH price.
The Klinger Oscillator made a bearish crossover from the signal line to project the downward trend in prices. However, the indicator is now approaching towards the top to indicate hope for a better future.
The RSI it is crushed to hit the bottom. The indicator is currently traveling in the oversold zone, which is a bullish signal as it is possible to forecast a reversal of trend.
Conclusion:
In this technical analysis, it can be observed that a reversal of tendency is evident from the nature of several indicators. The market is also expected to be highly volatile during this price run.
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