Home / Ethereum / Ethereum [ETH] Technical analysis: Bear has detected the bull market

Ethereum [ETH] Technical analysis: Bear has detected the bull market



The cryptocurrency market fell after observing the maximum of one week. The third largest currency in the list of top-10 cryptocurrencies, Ethereum [ETH], has had a rickety run since the market started to show an upward trend. However, the currency managed to stay in the third position and not slip from its position like many other important coins.

According to CoinMarketCap, ETH was valued at $ 126.41, with a market capitalization of $ 13 billion at the time of printing. The 24-hour trade volume of the currency was $ 2 billion, down 7.54% in the last 24 hours. The currency, which recorded an overall growth of 19.26% compared to last week, has now slipped by 3.26% in the hour.

1 hour

Source: view of trading

Source: view of trading

The table of an Ethereum hour reports a massive uptrend from $ 117.75 to $ 156.07, however, the chart indicates a fall in the value of the coin from $ 156.04 to $ 130.51. The injured market marked resistance to the currency at $ 130.51 and offered strong support for $ 122.71.

Awesome Oscillator indicates a bearish market that is gaining momentum.

MACD the line is below the signal line and seems to have undergone a crossover, marking a bearish market.

Relative strength index showcases that the buying and selling pressures give each other evening.

1 day

Source: view of trading

Source: view of trading

According to the hourly chart of the currency, a downward trend from $ 432.36 to $ 218.66 has been observed, which extends further to $ 101. The price of the currency seems to have slipped a lot in recent months. The currency registered resistance at $ 139 while reporting support at $ 83.

Bollinger bands is pointing to a bearish run for the currency, since the moving average line is under the candlesticks. The bands seem to be divergent, so an increase in volatility is needed.

Parabolic SAR, on the other hand, points to a bull market while the indicators line up under the candles.

Chaikin cash flow the marker is below zero, indicating that money flows out of the market.

Conclusion

At the time of printing, a bear market is seen to mark its territory. The Awesome Oscillator, MACD, Bollinger Bands and CMF indicators provide a bearish market. However, the parabolic SAR provides for a bullish market to return.


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