Ethereum [ETH/USD] Technical analysis: Bull to be the knight in shining armor for money

Ethereum [ETH], the third largest cryptocurrency by market capitalization, is currently in the jaws of bears. The currency, which was the second largest currency, has now plummeted to its lowest point for the year, crushing investor sentiments.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 99.52, with a market capitalization of $ 10.31 billion. The currency shows a trading volume of $ 2.31 billion and has plunged by over 7% in the last 24 hours. In particular, the previous time when the cryptocurrency was trading at this level, is recorded to be in May 2017, demonstrating that the currency is not ready for the December 2017 race.

1 hour

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

In the chart of an hour, Ethereum shows a downtrend from $ 123.25 to $ 118.49. It also records another very steep fall from $ 101.32 to $ 98.46. The immediate resistance for the currency is $ 102.17 and the strong resistance is $ 107.44.

Parabolic SAR he threw the coin on the clutches of the bear while the points are aligned over the candlesticks.

Chaikin cash flow, on the other hand, convinced the bull to save the coin as money started to flow into the market.

Bollinger bands they started to give more space to the duo with the expanding bands, foreseeing a more volatile market for the currency.

1 day

Chart of daily prices of Ethereum | Source: trading view

In the one-day chart, the currency shows a downtrend from $ 499.01 to $ 208.77 and another grade from $ 203.20 to $ 109.37. Immediate resistance is set at $ 122.20 and strong resistance is $ 218.60.

Klinger Oscillator He made a bullish crossover, proving that the currency still has hopes of returning to the realm of the bull.

MACD he also hopes the same, as the moving average line has made a bullish crossover.

RSI, however, he gave up his ambition as it shows that money is oversold on the market.

Conclusion

The coin could be saved by the bull as it is pushed forward by Klinger Oscillator and MACD from the one-day chart and CMF from the one-hour chart. However, the RSI of the one-day chart and the Parabolic SAR of the chart at one hour show that their resolution is weak, which could have a negative impact on the currency.

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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.