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Ethereum [ETH], the third largest cryptocurrency for market capitalization that has sacrificed its second position in XRP has fallen to the price of May 2017. The currency has taken a free fall with all other cryptocurrencies like Bitcoin [BTC], XRP, Litecoin [LTC] and Monero [XMR], before today.
According to CoinMarketCap, at the time of the press, Ethereum trades at $ 124.87 with a market capitalization of $ 12.9 billion. The currency has a trading volume of $ 2.03 billion and has plummeted by 6.51%.
1 hour:
Chart of the price of an hour of Ethereum | Source: trading view
In the graph of an hour, the cryptocurrency shows a downtrend from $ 175.90 to $ 128.22. It also slipped to $ 123.13. The currency has a short uptrend from $ 118.56 to $ 121.48. It has immediate resistance at $ 136.40 and strong resistance at $ 136.40. The third largest cryptocurrency has a strong support for $ 118.50.
Parabolic SAR imagine the points aligned under the candelabras, indicating a bull market.
The Chaikin cash flow the line is below the zero line as money goes out of the market, proving that the hold of the money by the bear is strong.
Bollinger bands indicates that the bands are starting to separate one from the other, expecting a volatile market.
1 day:
Chart of daily prices of Ethereum | Source: trading view
In the one-day chart, cryptocurrency has a downward trend of $ 466.01 to $ 209.72. The currency does not have a significant uptrend. It has immediate resistance at $ 248.01 and a strong resistance at $ 318.40. The currency has a support of $ 248.01 which was set in May last year.
The RSI shows that the selling pressure for the currency is more than the buying pressure, indicating a downward time.
MACD agrees with the RSI, as the indicator also provides a downward time as the moving average line is below the signal line.
Klinger Oscillator it is also showing that the market will crown the bear because the reading line is below the signal line.
Conclusion:
The bear decided not to leave the market and especially Ethereum. It is supported by CMF from an hourly chart and RSI, MACD and Klinger Oscillator from the one day chart.
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