Home / Cryptocurrency / Ethereum [ETH] Technical analysis: Bull brings the currency to a new year

Ethereum [ETH] Technical analysis: Bull brings the currency to a new year

While the year draws to a close, the cryptocurrency market does not show any major hike or fall at the time of printing. However, the market appears to be red, with the third Ethereum coin [ETH] falling over 6% in the last week.

According to CoinMarketCap, Ethereum was valued at $ 136.49, with a market capitalization of $ 14 billion. The currency recorded a 24-hour trading volume of $ 2.5 billion, down 0.33% in the last hour. However, a minimum increase of 0.21% was seen over the last day.

1 hour

Source: trading view

Source: trading view

According to the chart of an hour, the currency showed a downward trend from $ 142.28 to $ 130.51, which continued further to $ 118.35. The currency then saw a sudden uptrend from $ 115.94 to $ 133.98. However, the upward trend was followed by another downtrend from $ 43.22 to $ 138.90. The currency recorded immediate resistance at $ 143.22, while the strong support was marked at $ 132.21.

Bollinger bands it seems to be in a convergent point, with the moving average line above the candlesticks. This indicates a bearish market.

Impressive oscillator, on the other hand, it is seeing a green peak, indicating that a bull market is gaining momentum.

Relative strength index shows that buying and selling pressures are doubling, but the marker is closer to the oversold zone.

1 day

Source: view of trading

Source: view of trading

According to the one-day Ethereum chart, the currency posted an impressive downtrend from $ 404.99 to $ 138.83. Resistance was found at $ 139.02 and strong support was provided for $ 82.92.

Chaikin cash flow indicates that the exit and the inflow of money are the same. However, as the marker is just above zero, it is assumed that the market is bullish.

MACD the line is above the signal line, indicating a bullish market.

Conclusion

According to the Awesome Oscillator, Chaikin Money Flow and MACD indicators, the market appears to be bullish. However, the Bollinger bands predict a bearish reign.


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