Ethereum [ETH] Technical analysis: bears lead in the race to the market

The cryptocurrency market has been snapped up all week, leading to some important changes in the position of many coins like Bitcoin Cash [BCH], EOS and many others. However, Ethereum [ETH] rose 28.68% over the last seven days, maintaining its third position in the top-10 cryptocurrency list.

At the time of printing, the currency was valued at $ 108, with a market capitalization of $ 11 billion, according to CoinMarketCap. The currency recorded a 24-hour trading volume of $ 2 billion, with a loss of 5.13%. Even though the market has grown during the week, it seems to return to normal with a slow and gradual fall. The currency declined by 0.10% in the last hour at the time of printing.

1 hour

Source: trading view

According to the chart of an hour, the currency showed a downward trend from $ 117.75 to $ 115.67, further lowered to $ 107.27. A significant uptrend was reported from $ 86.01 to $ 115.50. The currency recorded resistance at $ 117.75, with strong support at $ 106.03.

Awesome Oscillator provides a bullish market that is gaining momentum.

Relative strength index he reflects that the buying and selling pressures give each other night.

MACD the line is below the signal line indicating a bearish market.

1 day

Source: trading view

According to the one-day chart, the currency showed a downward trend from $ 432.36 to $ 218.66, which continued further from $ 203.20 to $ 114.52. The currency has not recorded a significant uptrend. However, immediate resistance was recorded at $ 218.66, while strong support was formed at $ 82.82.

Bollinger bands seems to be in a converging point, indicating a low volatility in the market. However, the moving average line was under the candles, marking a bearish market.

Parabolic SAR indicates a bullish market as the markers are under the candles.

Chaikin cash flow it is below the zero zone, indicating a bearish market.

Conclusion

According to the Chaikin Money Flow indicators [CMF] and MACD, the market should be bearish, while Parabolic SAR and Awesome Oscillator [AO] aim for a bullish market.