Home / Cryptocurrency / Ethereum [ETH/USD] Technical analysis: Bull will bring the currency to its victory in the market

Ethereum [ETH/USD] Technical analysis: Bull will bring the currency to its victory in the market

Ethereum [ETH], the second largest cryptocurrency by market capitalization, continues to ride the bull while the cryptocurrency is painted in all the green, showing the brightest side of the market to investors and traders. This happens in the wake of the imminent fork, Constantinople, scheduled for January 2019.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 136.64, with a market capitalization of $ 14.22 billion. The cryptocurrency shows a trading volume of $ 3.25 billion and has seen an increase of over 24% over the last seven days.

1 hour

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

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

In the one-hour chart, the cryptocurrency has a downward trend of $ 156.04 to $ 137.18. It also shows an uptrend from $ 115.90 to $ 135.06. The immediate resistance for the currency is set at $ 137.26 and the strong resistance is $ 156.31. Whereas, immediate support can be found at $ 133.29 and strong support at $ 113.36.

Right now, Bollinger bands they are expecting a highly volatile currency market as the bands are depicted by separating one from the other.

Chaikin cash flow is showing a bull market as money started to flow into the market.

Parabolic SAR, on the hand, is showing sings of the bear's return as the points have begun to line up over the candlesticks.

1 day

Chart of daily prices of Ethereum | Source: trading view

Chart of daily prices of Ethereum | Source: trading view

The one-day chart is showing a sharp downtrend from $ 466.01 to $ 136.82. The uptrend is outlined from $ 83.74 to $ 114.53. The immediate resistance for the currency is $ 139.21 and the strong resistance is $ 218.74. The cryptocurrency formed its support line for $ 82.71.

Klinger Oscillator is proving that the bull entered the market with the intention of not losing it to the bear, because the reading line and the signal line have made a crossover, with the line of reading at the head.

RSI is showing that the buying pressure and selling pressure for the currency are currently leveled on the market.

MACD It also shows a strong uptrend as the moving average line has made a crossover to take the road north.

Conclusion:

The bull will continue to lead the coin to its victory in the market. This will be possible as it is supported by CMF from an hourly chart and Klinger Oscillator, RSI and MACD from the one day chart.


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