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Ethereum [ETH], which is now only the third largest cryptocurrency in the world, is suffering collateral damage from the war between its coins. The hash war inside Bitcoin Cash [BCH] The ecosystem due to the hard fork proved to be irrepressible and is negatively affecting the market.
At the time of the press, Ethereum was down 2.1%, trading at a low price of $ 175.2, with a market capitalization of $ 18 billion. The total volume of trade in the last 24 hours was observed at $ 1.9 billion.
1 hour:
ETHUSD 1 hour candelabras | Source: tradingview
In the scenario of an hour, the downtrend from $ 203.8 to $ 172.1 and the upward trend from $ 165.6 to $ 170.3 could intersect in the imminent market trend. So, it is safe to interpret that a trendy breakout could take place soon.
The Parabolic SAR has just become positive about the fate of cryptocurrency as a single point is placed under the candlesticks. The indicator is likely to be lined up with the bull.
The Awesome Oscillator a confident sign is also flashing. The bars are flowing green to project wealth to Ether.
The Klinger Oscillator made a steep bearish crossover from the signal. However, the reading line is approaching but continues to travel under the signal.
1 day:
ETHUSD 1 day candlesticks | Source: tradingview
The one-day timeline for Ether candelabra shows that a downtrend is suspended from $ 466.1 to $ 208.6 with a support level set at $ 172, disrupting the previous support at $ 182. This is indicative of a fierce bear market for the token that has been getting worse.
The Bollinger bands they are describing lower volatility in the ETH market as the bands are converging, which is not enough to facilitate a fluctuation of wild prices.
The RSI has been soaked in the oversold area since now. The indicator is very bearish on the currency, although this could be a signal for the reversal of the price trend.
The Chaikin cash flow it was also bullish on Ethereum, but now it has adopted a descending approach. The reading line is going to cross the 0 line to enter the bear territory.
Conclusion
Technical analysis suggests that there will be a prolonged bear market for Ethereum with occasional increases. Furthermore, the cryptocurrency will also remain low on volatility to curb the chances of a major failure.
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