Ethereum [ETH/USD] Technical analysis: Bear's victory is clear on the market

Ethereum [ETH], the cryptocurrency that was once the second largest cryptocurrency by market capitalization, seems to enjoy its third position. The currency that lost to XRP has yielded to the bear if it continues to make new low records.

According to CoinMarketCap, at the time of printing, Ethereum is trading at $ 132 with a market capitalization of $ 132.73. It has a trade volume of $ 2.25 billion and has plummeted on the market by 24.94% over the last seven days.

1 hour:

Chart of the price of an hour of Ethereum | Source: trading view

In the one-hour chart, the currency shows a downtrend from $ 174.70 to $ 135.26. Imagine an uptrend from $ 124.50 to $ 130.26, and further up to rest at $ 133.52. The cryptocurrency shows immediate resistance at $ 136.42 and strong resistance at $ 157.44. The currency has immediate support $ 130.14 and strong support for $ 124.32.

The Bollinger bands they are indicating that the bands are trying to get closer to each other, demonstrating a less volatile cryptocurrency market.

Parabolic SAR He is currently imagining the big entrance of the bull in the market as the points have lined up under the candlesticks.

Chaikin cash flow it also applauds the entrance of the bull, as the indicator indicates that money flows in the market because the CMF line is above the zero line.

1 day:

Chart of daily prices of Ethereum | Source: trading view

In the one-day chart, the cryptocurrency shows a sharp decline from $ 466.01 to $ 208.77 and further from $ 203.20 to $ 175.90. The coin has immediate resistance at $ 248.01 and a strong resistance at $ 318.20. It has a strong support for $ 127.32.

Klinger Oscillator is rooting for the bear as the reading line is well below the signal line.

MACD is walking next to the bear in the market, since the moving average is below the signal line.

Performed by RSI because the indicator indicates that the currency is in an oversold area at this time, making room for a possible recovery.

Conclusion:

The victory of the bear is very clear, especially with the support of all the key indicators of the one-day chart. However, the bull managed to get the attention of Parabolic SAR and Chaikin Money Flow from the chart of an hour.