Ethereum [ETH] Technical analysis: long-term price movement to support the bull

Ethereum [ETH] welcomed the new year with open arms and climbed a step up in the top-10 scale of cryptocurrencies. Ethereum, which settled in third place on 2 January, rose to become the second largest cryptocurrency in the world.

At the time of printing, the currency was valued at $ 154.33, with a market capitalization of $ 16 billion. The currency recorded a 24-hour trading volume of $ 3 billion, with a growth of 8.35% in the last 24 hours. The currency has been doing well for the last few days, making its total increase of 21.30% in seven days. The currency is still growing gradually, with an increase of 0.36% in the last hour.

1 hour

Source: trading view

The chart at an hour of Ethereum indicates an uptrend from $ 120.94 to $ 135.15 after which it fell. The downward trend was marked by $ 134.64 to $ 143.22. The currency, however, managed to change the trend in growth. The currency reported an uptrend from $ 132.34 to $ 152.85. The currency was limited with immediate resistance to $ 155.20 while support was provided for $ 132.34.

Parabolic SAR points to a bullish market, as the markers lined up under the candles.

Awesome Oscillator indicates a weakening of the bearish moment.

MACD line it is below the signal line, after a bearish crossover, which indicates a bear market.

1 day

Source: trading view

The one-day currency chart shows a massive downtrend from $ 432.36 to $ 153.50. The currency reported a bullish trend from $ 83.51 to $ 113.31 and was limited to $ 153.50. While the currency was offered support at $ 83.51.

Bollinger bands appear to be convergent, indicating reduced volatility on the market. The moving average line is under the candelabras which marks a bullish market.

Chaikin cash flow it is above zero, indicating a bullish run for the cryptocurrency.

Relative strength index indicates that buying and selling pressures give each other night.

Conclusion

According to the Parabolic SAR, Bollinger Bands and Chaikin Money Flow indicators, a bullish market is expected to reign. However, according to Awesome Oscillator and MACD, bear seems to have thrown a trap and could surpass the market.