Home / Ethereum / Ethereum [ETH/USD] Technical analysis: momentary victory of the Bears Snatch bulls

Ethereum [ETH/USD] Technical analysis: momentary victory of the Bears Snatch bulls



Ethereum left his second place for a short period during the XRP rally on 6 November and moved to third place, but has since returned to second place. Devcon shed light on the longstanding problems Ethereum faced and Viatlik Buterin suggested some alternatives and updates that will be proposed in the near future to solve these problems.

1 hour

Source: trading view

Ethereum, like other altcoins, began its run upward. As a result, an uptrend is visible that extends over the price range from $ 192.68 to $ 198.11 and up to $ 212.01. A small downward trend is visible in the price range from $ 219.53 to $ 217.44. Support set at $ 212.83 was exceeded at 3:00 UTC on November 8th. Subsequent supports are priced at $ 206, $ 198.05 and $ 192.68. There is a resistance that remains stable at $ 220.35.

The Parabolic SAR the markers are above the price candles, indicating a bearish presence in the market.

The MACD The indicator is also showing bearish signals, as the MACD and the signal line have both taken a dip to the bottom after a bearish crossover.

The Awesome Oscillator is collaborating with the SAR and the MACD, indicating a downward race with red spikes that develop below the zero line. This is an indication of the decrease in market momentum.

1 day

Source: trading view

There is a significant downtrend in the range $ 593.40 to $ 218.65, with no uptrend in sight. Prices are stable on the $ 182.79 support line. Prices must cross the first resistance line at $ 247.76 for a turnaround, after which there are two other resistance lines at $ 317.54 and $ 499.01.

The RSI the indicator failed to cross line 60, indicating that the sellers have detected halfway and are dominating, which is a general downward trend.

The RVGI the indicator, on the other hand, has seen a bullish crossover and is rising, indicating a bullish pressure.

Conclusion

The time frame of an hour shows a bearish trend for Ethereum. The one-day chart shows mixed signals as the RSI indicates bearish and RVGI indicates otherwise.


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