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Ethereum [ETH], the third largest cryptocurrency, has entered the new month painted red. The coin had started its journey upwards last year and this time it seems like magic is waved while the currency is going down.
According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 112.35, with a market capitalization of $ 11.63 billion. The cryptocurrency has a trade volume of $ 2.06 billion and has plummeted by 5.25% in the last 24 hours.
1 hour:
Chart of the price of an hour of Ethereum | Source: trading view
In the chart at one hour, the currency shows an uptrend from $ 102.01 to $ 110.90. It also shows a downtrend from $ 136.10 to $ 123.26. The currency has immediate resistance at $ 113.93 and a strong resistance at $ 123.27. Immediate support for the currency is $ 101.98 and strong support is at 100.93
Parabolic SAR indicates a bullish wave when the points are aligned under the candlesticks, pushing the coin upward.
Chaikin cash flow it also shares a bullish sentiment as the line is above the zero point, indicating that money has started to flow into the market.
Bollinger bands they are currently tightening, predicting that the market will be less volatile for the currency.
1 day:
Chart of daily prices of Ethereum | Source: trading view
In the one-day chart, the currency has a downward trend from $ 466.01 to $ 208.77. The chart shows a further steep downtrend from $ 182.79 to $ 106.95. It has immediate resistance at $ 122.07 and strong resistance at $ 219.04. The currency has a strong support for $ 106.74.
RSI it is currently showing a downward trend as sales pressure is more than buying pressure.
Klinger Oscillator It is on the positive side as the reading line has done a bullish crossover.
MACD it's on the same page as RSI because the moving average line has made a bearish crossover.
Conclusion
The bullish sentiment for the currency is supported by Parabolic SAR and CMF from the chart of an hour and Klinger Oscillator from the one-day chart. Whereas, bearish sentiment is supported by MACD and RSI from the one-day chart.
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