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The cryptocurrency market has entered the red zone again after raising its hopes for a bull market yesterday. In the midst of this, Ethereum [ETH] he is not able to regain his lost glory and position himself as the second cryptocurrency in the world.
At the time of writing, the currency had plunged by 10.2%, trading at $ 157 with a market capitalization of $ 16.2 billion. The 24-hour trading volume was $ 2.2 billion.
1 hour
ETHUSD 1 hour candelabras | Source: tradingview
In this timeline, ETH candlesticks are witnessing a downward trend that ranges from $ 203.75 to $ 177.4. At present, the previous support set at $ 165 has been broken to form a new support for $ 152 immersed. The decline of the ETH market is evident from the constant violation of the candelabra support.
The Parabolic SAR is currently bearish on the cryptocurrency. The points are grouped above the candlesticks, enforcing a limit higher than the price of Ethereum
The Awesome Oscillator is blinking red at the market as it intends to line up with the bear. The indicator is extremely negative on the token forecast.
The Chaikin cash flow is in tune with the other indicators to suggest a race to the bottom for ETH. Although the line of reading is below the 0 line, one can see a surge in its movement.
1 day
ETHUSD 1 day candlesticks | Source: tradingview
In the one-day span of ETH candelabra, the downtrend line extends from $ 465.7 to $ 209. In addition, support is set at $ 182, after stopping multiple supports. However, the ETH is collapsing without inhibitions and is set to form another medium.
The Aroon indicator it is extremely bearish on the Ethereum market because it has been seen that the downward trend has gained a lot of strength while the upward trend continues to weaken.
The Relative vigor index carried out a bearish crossover on the signal line to support the forecast made by the above indicators.
Conclusion
In technical analysis, most indicators point towards an aggressive bearish market for cryptocurrency. Ether has violated any support to reach a new low, indicating a strong downward trend for the token.
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