Home / Ethereum / Ethereum [ETH/USD] Technical analysis: Bear continues to haunt the currency

Ethereum [ETH/USD] Technical analysis: Bear continues to haunt the currency



Ethereum [ETH], the third largest cryptocurrency by market capitalization, shone green in the market for a short time at the start of today. The coin was not the only one to shine, it was united by Monero [XMR], Tron [TRX]and money in Bitcoin. Nonetheless, the currency has returned to the bears' realm after its brief visit to the bull's house.

According to CoinMarketCap, at the time of the press, Ethereum [ETH] it is trading at $ 121.94 with a market capitalization of $ 12.6 billion. The cryptocurrency has a trading volume of $ 1.65 in volume and has fallen by 29.99% over the last seven days.

A & # 39; now:

Chart of the price of an hour of Ethereum | Source: trading view

Chart of the price of an hour of Ethereum | Source: trading view

In the graph of an hour, Ethereum shows a downtrend from $ 175.90 to $ 124.73. The coin shows a short uptrend from $ 119.11 to $ 122.08. It has an immediate resistance of $ 124.78 and a strong resistance at $ 136.39. The chart shows that the currency has a strong support $ 118.31.

Parabolic SAR it is currently depicting a bearish wave when the points have begun to line up above the chandeliers, pushing the coin down.

Bollinger bands indicates that the bands are contracting, predicting a less volatile market for money.

Chaikin cash flow shows that money has started to flow into the market because the line is above the zero point, indicating an upward trend.

One day:

Chart of daily prices of Ethereum | Source: trading view

Chart of daily prices of Ethereum | Source: trading view

In the one-day chart, cryptocurrency has a downward trend of $ 466.01 to $ 208.77. Also imagine a steep downtrend from $ 182.92 to $ 127.55. Ethereum does not demonstrate a significant uptrend. He has an instant resistance point of $ 218.97, managing to reach the point after $ 248.27. The strong resistance is set at $ 317.96. The cryptocurrency found its strong support at $ 96.19.

RSI it is showing a downward trend as the selling pressure for the currency is more than the buying pressure.

MACD it is also on the bear side of the market, as the moving average line has crossed the signal line and then descended.

The same goes for Klinger Oscillator also. This is because the reading line is below the signal line, after doing a crossover.

Conclusion:

The cryptocurrency continues to be obsessed with the bear, with its only escape option that is Chaikin Money Flow from the chart of an hour. This is because the currency is retained by the RSI, MACD and Klinger Oscillator from the one-day chart and the Parabolic SAR of the chart of an hour.


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Priya


Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.



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