Ethereum [ETH/USD] Technical analysis: Bull and Bear to clash again on the market

The year began with the whole market of cryptocurrency painted red. Despite the strong presence of the bear, there were some coins that behaved better than others. This includes Ethereum [ETH], the second largest cryptocurrency, since the currency has already begun to show signs of recovery.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 153.61 with a market capitalization of $ 16.01 billion. The trading volume of $ 2.29 billion has seen an increase of over 13% over the last seven days.

1 hour

Graph of an hour of Ethereum | Source: trading view

In the chart at one hour, the currency has a downward trend from $ 159.11 to $ 157.67. Imagine another fall from $ 157.64 to $ 151.06. The uptrend for cryptocurrency ranges from $ 132.34 to $ 147.44. Immediate resistance to the currency can be found at $ 153.13 and strong resistance is placed at $ 159.46. Whereas, immediate support is at $ 147.41 and strong support is at $ 132.31.

Chaikin cash flow it is expecting a bear market when the money started to flow out of the market.

Bollinger bands is expecting a volatile cryptocurrency market as the bands have begun to expand.

Parabolic SARon the contrary, it is showing a bullish wave when the points have begun to align below the candlesticks.

1 day

Chart of daily prices of Ethereum | Source: trading view

In the one-day chart, cryptocurrency shows a downtrend from $ 466.01 to $ 155.91. The upward trend for the currency is recorded from $ 83.51 to $ 114.63 and from $ 114.53 to $ 150.62. The immediate resistance for the currency is $ 155.97 and the strong resistance is $ 218.94. The chart shows that immediate support has found its ground at $ 114.33 and strong support is at $ 82.75.

Klinger Oscillator he tagged next to the bear as a reading line and the signal line met a crossover, with the reading line going south.

MACD continues to show a bullish market as the moving average line has maintained its position above the signal line after a crossover.

RSI is showing that the buying pressure and the selling pressure for the currency have been standardized in the market.

Conclusion

The bull and the bear probably would soon engage in a fight. The bull is currently supported by the MACD from the one-day chart and the Parabolic SAR graph of an hour. The bear found Klinger Oscillator's loyalty from the one-day chart and CMF from the one-day chart.