Ethereum [ETH/USD] Technical analysis: Cryptocurrency will be entertained by the bull run

Ethereum [ETH], the second largest cryptocurrency by market capitalization, continued to bleed in red at the time of writing. The cryptocurrency has reached one of its lowest points from its all-time high at the beginning of this year.

According to CoinMarketCap, the currency was trading at $ 209.02, with a market capitalization of over $ 21 billion on November 13th. The cryptocurrency had a 24-hour trading volume of $ 1 billion and was down more than 1% in the past hour [at the time of writing].

1 hour:

Ethereum [ETH] price chart of a & # 39; hour | Source: trading view

In the chart at one hour, the currency showed a downtrend from $ 210.68 to $ 208.78 and over $ 206.66. The currency also had an upward trend from $ 207.37 to $ 208.38. He will face immediate resistance at $ 210.88 to break the strong resistance set at $ 212.75. If it fails to break these levels, the coin will be supported for $ 204.99.

The Chaikin cash flow the indicator showed that it was on the bull's side of the market, while money flowed on the market.

Parabolic SAR it was also on the same page of CMF as the points had begun to line up under the candelabra, expecting a bullish market.

The Bollinger bands they were expanding, expecting a volatile market.

1 day:

Ethereum [ETH] price chart for a day | Source: trading view

The one-day chart showed a downtrend from $ 466.50 to $ 209.76. It had an upward trend from $ 188.30 to $ 194.30. The currency will first have to break the immediate resistance at $ 218.70 in order to satisfy the strong resistance set at $ 247.75.

However, if the market were to break investors' sentiment, the cryptocurrency will be withheld from immediate support at $ 188.30. If this breaks down, then the strong support is $ 182.73

The RSI indicator showed that the buying pressure and selling pressure for the currency are currently leveled.

MACD showed that the bull is awake and ready for a race because the moving average was above the reading line

The Klinger Oscillator he painted that he was not in the mood for bull's play because the reading line was below the signal line.

Conclusion

The second largest cryptocurrency predicts that the bull will soon come into play, with the support of CMF and Parabolic SAR from the graph of an hour and the MACD from the one day chart.

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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.