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Ethereum [ETH], the third largest cryptocurrency by market capitalization, witnessed a huge decline in its value at the start of today, along with all other major cryptocurrencies. The return of the bear was unexpected by investors, especially with the next update. Furthermore, the currency lost its position to XRP in terms of market capitalization again within a fraction of minutes.
According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 128, with a market capitalization of $ 13.35 billion. The cryptocurrency has a trade volume of $ 2.55 billion and has shrunk by more than 19% in the last seven days.
1 hour
Chart of the price of an hour of Ethereum | Source: trading view
In the one-hour chart, cryptocurrency shows a steep downtrend from $ 149.21 to $ 126.89. The strong uptrend was recorded from $ 113.48 to $ 122.52. The cryptocurrency will first have to deal with the immediate resistance, which is set at $ 128.63, in order to defeat the strong resistance, which is set at $ 150.75. Immediate currency support is $ 122.50 and strong support is $ 113.57.
Parabolic SAR shows an uptrend as the points are aligned below the candlesticks.
Chaikin cash flow shows that money is currently coming out of the market because the line is below the zero point, predicting a bearish wave.
Bollinger bands it is expecting a less volatile market as the bands are shown to contract in the market, making less room for the main price movements.
1 day
Chart of daily prices of Ethereum | Source: trading view
The one-day chart shows a downtrend from $ 714 to $ 155.91 for cryptocurrency. The uptrend is represented by $ 83.74 to $ 125.83. The immediate resistance for the currency is set at $ 155.91 and the strong resistance is at $ 218. The cryptocurrency has immediate support at $ 114.37 and strong support is set at $ 82.78.
Klinger Oscillator is forecasting the bear's return while the reading line and the signal line have registered a crossover in the market, with the reading line going south.
MACD shows the presence of the bear when the moving average line is positioned below the signal line after a crossover.
RSI shows that the buying pressure is currently offset by the sales pressure for the cryptocurrency in the market.
Conclusion
The currency is expecting a strong bear wave as most of the indicators have started to support the winter animal. This includes Chaikin Money Flow from an hourly chart, Klinger Oscillator and MACD, from the one day chart.
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