Ethereum [ETH] Technical analysis: the bulls conquer the bestrode bear market

On Sunday morning he witnessed the happy journey of the cryptocurrency market to the bullish side, where most of the coins showed a surge towards the top in the last 24 hours. Ethereum [ETH] continues to remain in third position by market capitalization, even after 3 weeks since it has faced the maximum defeat by XRP.

At the time of writing, ETH is trading at $ 117.63 with a market capitalization of $ 12.18 billion. The cryptocurrency has grown by 4.21% in the last 24 hours with the highest volume to be seen in exchanges such as OEX, RightBTC etc. The 7-day Ethereum statistics also showed impressive progress with a 9.33% increase, according to CoinMarketCap.

Ethereum [ETH] 1 hour chart | Source: TradingView

The 1-hour ETH chart has a bullish trend of between $ 105.4 and $ 111.7 – $ 118.6 with resistance points set at $ 129.5 and $ 125.4. The downward trend for this timeline ranges from $ 124.9 to $ 121.6 to $ 118.6. In this case, the support point is set at $ 105.27.

The Parabolic SAR It is currently forming the points right above the candlesticks, indicating that it is the beginning of a bear trend. This occurs immediately after a strong bullish signal indicated by SAR earlier.

The Chaikin cash flow it is currently below the zero line, which is gradually shifting towards the top, indicating that the inflow of money into the Ethereum market has increased.

Klinger Oscillator he took a bearish crossover a few hours back, however, it may be noted that the reading line is portraying an inversion and moving towards the top at the moment.

24 hours:

ETH 1 day chart | Source: TradingView

The daily candelabras of Ethereum [ETH] they are currently experiencing a strong bearish trend ranging from $ 821.7 to $ 211.4 – $ 122.5. The recent resistance point for cryptocurrency is set at $ 286.58.

The Bollinger bands is currently expanding and indicates that there is a high probability of increasing volatility in the Ethereum market.

The Relative strength index [RSI], was hit to a greater extent and the price had brought under the oversold line. However, the indicator is currently moving towards the RSI area, which shows that the selling pressure has shrunk over this time span.

The Awesome Oscillator shows a transition to the green signal indicating that there will be a bullish trend in the future.

Conclusion:

In both times, most indicators are showing the start of a bull run for Ethereum. The divergent Bollinger bands are giving more space to the candlesticks to form long-term trend reversal models.

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Laira is a full-time writer at AMBCrypto. She is a degree in Computer Science and has about 1 year of writing experience. His enthusiasm and his keen interest in the development of his knowledge on blockchain and cryptocurrency have led her to become part of AMBCrypto. At the moment it has no value in cryptocurrency or in its projects.