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Ethereum [ETH], the second largest cryptocurrency in the world, has almost become a stable currency. At the moment, the currency is more stable than the stable top-10 currency, Tether [USDT].
At the time of writing, ETH was up 0.01%, trading at $ 204.3 with a market capitalization of $ 21 billion. The total trading volume of 24 hours is $ 1.18 billion.
1 hour:
ETHUSD 1 hour candelabras | Source: tradingview
In Ether's chandeliers, the trendlines are stretching from $ 203.18 to $ 202.5 [downward] and from $ 199 to $ 201.5 [upward]. The downward trend is proving strong price support. However, a convergence between the two lines is not visible at the moment, eliminating the possibility of a trend breakout.
The Awesome Oscillator At the moment it flashes in red, supporting a forecast of negative price movement in the ETH market.
The Bollinger bands they are describing a decrease in volatility in approach times. At the moment, the bands are closing slightly, preparing a narrow path for the price to go.
The Chaikin cash flow it was extremely bullish on the cryptocurrency, but it started crashing a little while ago. However, the indicator has not yet entered the area under the 0 sign.
1 day:
ETHUSD 1 day candlesticks | Source: tradingview
In the timeline, the downtrend goes from $ 456.9 to $ 202.4 while the uptrend goes from $ 182.7 to $ 188.2. The resistance line is forming a descending triangle with the support line.
The Parabolic SAR it's bearish on the market. The points are aligned above the candlesticks, pushing prices down.
The MACD he made a bullish crossover, but moves sideways to predict a neutral position.
The RSI it's also in the bearish area at the moment. However, he refused to comment on the future trend in currency prices and is moving on a straight road.
Conclusion
Technical analysis has predicted a bearish future market for Ethereum because all the indicators are propagating a negative forken prediction. However, the fall in the price trend should not be extreme, as the Bollinger Bands have predicted a less volatile market for ETH.
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