Ethereum [ETH/USD] Technical analysis: Bull plans to return home

Ethereum [ETH], the second largest cryptocurrency in the market, continues to take refuge in the realm of bears after betraying the bull on several occasions. The currency continues to soar under the $ 200 mark, however, the bull may soon return to the market in search of defeating the bear.

1 hour:

Chart of prices of a & # 39; hour | Source: trading view

There is a strong resistance for the currency at the level of $ 202.17, which made its presence at the beginning of this week. There is also an immediate resistance at $ 197.77, with immediate support at $ 192.68.

At the time of writing, Parabolic SAR he was showing bullish turnover when the points had lined up under the candlesticks.

Bollinger bands seemed to support the Parabolic Sar, as the bands had expanded to increase space for price movements in the market.

Chaikin cash flow he had also joined the bandwagon, with the chart showing that money was flowing into the market, indicating an uptrend.

1 day:

Chart of a day | Source: trading view

The one-day chart shows a sharp decline on the market from the beginning of May 2018, with the price of money flowing from $ 811 to $ 202. A resistance is seen at $ 248, placed in September 2018, which the currency failed to break through all of October. The immediate resistance for the currency is $ 204.94, with immediate support for $ 188.34.

The RSI indicator shows that the buying and selling pressure of the currency is currently leveled after the slight fall towards the oversold area.

MACD the indicator was pointing to an uptrend when the reading line had passed the signal line.

The Klinger Oscillator also agreed with the MACD move on the market, as the reading line was trying to recover from its slide, violating the signal line.

Conclusion

The bull could soon return to the market as all the indicators were preparing for a bullish race.