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Yesterday, the entire market saw all the major cryptocurrencies hit a new low for the year. Contrary to investor expectations, instead of taking the upside direction, cryptocurrencies are going in the opposite direction.
According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 83.23 on Coinbase and has a market capitalization of $ 8.78 billion. The currency has a trade volume of $ 1.6 billion and has plunged more than 8% over the last seven days.
1 hour
Chart of the price of an hour of Ethereum | Source: trading view
In the chart at one hour, the currency has a downtrend from $ 96.89 to $ 89.94. The coin shows another steep fall from $ 89.13 to $ 84.02. The chart also recorded an uptrend from $ 81.95 to $ 83.82. It has an immediate resistance of $ 85.86 and the strong resistance is $ 89.96. Support for cryptocurrency is $ 81.93.
Parabolic SAR he is expecting a confident trend as the points are lined up under the candlesticks.
Chaikin cash flow It is also bullish for cryptocurrency as it shows that money is entering the market.
Bollinger bands they are expecting a less volatile money market when the bands have started to converge.
1 day
Chart of daily prices of Ethereum | Source: trading view
In the one-day chart, the coin shows a downtrend from $ 466.01 to $ 208.77. It also shows that the currency continued to fall further from $ 203.20 to $ 89.02. Immediate resistance is set at $ 122.07 and strong resistance is set at $ 219.01. Support found its ground at $ 82.95.
RSI is proving that the selling pressure for the currency is more than the buying pressure, indicating the wave of a bear.
MACD it's on the bull's side when the moving average line has made a crossover to reach only the top.
Klinger Oscillator shows that the reading line has also made a bullish crossover.
Conclusion
The bull is back to make sure that the coin is not crushed by the bear. He was convinced to come back from MACD and Klinger Oscillator from the one-day chart, and Parabolic SAR and CMF from the chart of an hour.
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