Ethereum [ETH/USD] Technical analysis: Bull continues to support cryptocurrency

The market has entered the positive side because all cryptocurrencies have been covered in green in the last days. This has raised investors' hopes, with some arguing that the bull is here to stay.

According to CoinMarketCap, Ethereum [ETH], the third largest cryptocurrency by market capitalization, was trading at $ 114.54 with a capitalization of $ 11.9 billion. The cryptocurrency records a trade volume of $ 2.99 billion and has increased by over 30% in the last seven days.

1 hour

Chart of the price of an hour of Ethereum | Source: trading view

The graph of an hour shows an uptrend from $ 90.18 to $ 115.50. Resistance to cryptocurrency is set at $ 117.77. The currency gained multiple support, with immediate support set at $ 108.89 and strong support for $ 81.27.

Parabolic SAR is proving that the bull will continue its run on the market when the points have begun to align below the candlesticks.

Chaikin cash flow it is also of the same belief that indicates that money has begun to flow into the market.

Bollinger bands they are predicting that market volatility will be lower as the bands have started to contract.

1 day

Chart of daily prices of Ethereum | Source: trading view

The one-day chart shows a downtrend from $ 499.01 to $ 208.77. It also records another very steep fall from $ 203.20 to $ 114.52. Immediate resistance is set at $ 122.20 and strong resistance is $ 218.73. Support for cryptocurrency can be found at $ 82.79.

Klinger Oscillator is demonstrating the reading line by taking the direction north after doing a crossover.

MACD it is also showing that the moving average line has made a bullish crossover.

RSI it is expected that the buying pressure and the selling pressure of the currency are currently leveled on the market.

Conclusion

The cryptocurrency will continue to grow under the canopy of the bull as it has obtained support from Parabolic SAR and CMF from the chart of an hour. He also got the help of Klinger Oscillator and MACD from the one-day chart.

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Priya is a full-time member of the AMBCrypto reporting team. He is a finance specialist with a one-year writing experience. You had no value in Bitcoin or other currencies.