Home / Ethereum / Ethereum [ETH/USD] Technical analysis: Bear prepares for his second long-term attack

Ethereum [ETH/USD] Technical analysis: Bear prepares for his second long-term attack



The cryptocurrency market had suffered a major disaster within an hour, with Ether [ETH], which is the native token of the Ethereum blockchain and is right under the top coin, seeing a massive collapse.

At the time of writing, the token was traded at a price of $ 197.45, with a market capitalization of $ 20.3 billion. ETH showed a price collapse of 3.45% in the last 24 hours, with a trading volume of $ 1.48 billion.

1 hour:

ETHUSD 1 hour candelabras | Source: tradingview

ETHUSD 1 hour candelabras | Source: tradingview

In this time frame, the downtrend line goes from $ 202.12 to $ 195.27. The support level is currently set at $ 193.19 in a more immediate scenario. The lines are clearly describing a descending triangle, leading to a downward trend in the price of Ethereum.

The Parabolic SAR it is bullish on the Ether market as the points are aligned directly under the candles. The indicator is currently extolling the market forecast by siding with the bull.

The Bollinger bands previously it swelled and spread its neck to give way to price fluctuations, but it was returning to its normal pattern starting to close one on the other. However, there is still the possibility of greater volatility in ETH prices as the bands have not shrunk at the moment.

The Awesome Oscillator It is very positive and flashes green at the price trend of ETH. The bull seems to have satisfied the indicator of predicting a positive future for the currency.

1 day:

ETHUSD 1 day candlesticks | Source: tradingview

ETHUSD 1 day candlesticks | Source: tradingview

In the longer scenario of the ETH candlesticks, the trend lines range from $ 285.52 to $ 202.54 [downtrend] and $ 182.68 to $ 188.42 [uptrend]. There is still a gap between immediate support and resistance levels, eliminating the possibility of a predictable trend breakout.

The MACD he made a slightly bullish crossover for the signal and is currently traveling just above the line. This is indicative of a positive feedback for the price of Ether, but at present it does not show any major uptrend.

The RSI he is in the bearish zone, but denied commenting on the upcoming scenario. The indicator moves sideways, reflecting a horizontal market trend.

The Chaikin cash flow it is also bearish on the currency. Currently it is moving far below the 0-mark, indicative of a negative market trend.

Conclusion

In the short term, the Ether market has seen a positive forecast. However, the indicators in longer scenarios do not see much potential in the Ethereum market and have predicted it to be slightly bearish, with the hint of a sideways movement.


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