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Like Ethereum [ETH] becoming increasingly incapable of regaining the lost glory by overcoming the market capitalization of XRP, the price of the currency also saw a substantial decline. At the time of printing, ETH was down 7.9%, trading at a low price of $ 133 with a market capitalization of $ 13.8 billion. The 24-hour trading volume was $ 3.2 billion.
1 hour
ETHUSD 1 hour candelabras | Source: tradingview
In the scenario of an hour, the downtrend line extends from $ 175.9 to $ 173.9, while a support level is set at $ 124.4. The downward trend is forming a descending triangle, with support for projecting a decline in the ETH price. However, a trendy breakout might be a distant possibility in this case.
The Awesome Oscillator it is bright green to predict a rise in the current bearish trend. The bars lined up with the bull and left the bear.
The Chaikin cash flow it is also bullish on the prediction of the Ether chandeliers. The reading line has crossed line 0 and is still moving upward.
The Aroon indicator it is showing a weakened downward trend, but it is still bearish on the issue as the downward trend is relatively stronger than the upward trend.
1 day
ETHUSD 1 day candlesticks | Source: tradingview
In one-day ETH candlesticks, the downward trend is moving from $ 465.9 to $ 209, while the support line is set at $ 127.5. A descending triangle can be observed again, but there are signs of a trend breakout.
The Bollinger bands they are moving away from each other to show greater volatility.
The Relative vigor index he made a bearish crossover from the signal. The RVGI is approaching lower to crash the bear party.
The Stochastic RSI it is in the oversold area, intertwined with the signal line to confound its position. However, there is a trend reversal as the sales activity lowers the market low enough to allow buyers to react.
Conclusion
In technical analysis, it is evident that the indicators used in the short-term timeline suggest an upward trend for cryptocurrency. However, in the longer scenario, the indicators predict that the bear market for ETH has not ended.
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