Ethereum [ETH] Technical analysis: the cryptocurrency continues to yearn for an upward trend

Volatility in the cryptographic market has begun as most currencies are thriving to gain momentum in the last 24 hours. The fall of Ethereum [ETH] it seems to continue for a longer period. The market capitalization acquired by XRP seems to be a big barrier for ETH to get its second place in the standings.

At the time of writing, Ethereum [ETH] it is trading at $ 175.55 with a market capitalization of $ 18.13 billion. The 7-day ETH statistics still show a red signal with a decrease of 16.68%. The 1-day chart shows an insignificant growth of 1.15%. The currency is traded on various exchanges such as LBank, BitForex, Huobi etc., with the highest volume of 4.84% from OEX on ETH / BTC trading pairs.

1 hour:

ETH chart 1 hour | Source: TradingView

The 1-hour chart of the ETH shows a downward trend that ranges from $ 210 to $ 178 and the resistance points set at $ 210.28 and $ 200.63. The uptrend in this period is from $ 172 – $ 174 – $ 176 with a recent support point set at $ 172.

The Bollinger Band is forming a narrow path indicating lower volatility in the ETH market. It is also noted that a similar trend was followed by the Bollinger Band on November 14, which led to a negative price rupture.

The Awesome Oscillator he gradually began to form the green lines on the histogram. The indicator is trying to recover from the previous trend of the bear.

The Chaikin cash flow it depicts that there is less flow of money into the ETH market as the indicator continues its journey below the zero line.

24 hours:

ETH Chart 1 day | Source: TradingView

The 24-hour ETH chart shows a downtrend that ranges between $ 519 – $ 214 – $ 177 with a resistance set at $ 285. Support formed at $ 188 has been broken and the price continues its downward correction.

The MACD shows a bearish crossover with moving average lines traveling below the signal line. The histogram is also forming negative bars that represent the beginning of a bearish trend.

In Aroon indicator, the Aroon Up line has taken a bearish crossover and is moving towards the 0 line showing that the bullish trend is exhausting. The Aroon Down line has touched the maximum point and is currently moving in the opposite direction.

The Relative strength indicator [RSI] has crossed the oversold line and return to the RSI region. According to the graph, it can be seen that the purchase pressure has been overcome by selling pressure over this period of time.

Conclusion:

Considering the previous market trends of the ETH and the signs of the indicators in the aforementioned times, there is a high probability of a persistent bearish zone.

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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.