Ethereum [ETH/USD] Technical analysis: the bear market looks downwards

Ethereum [ETH], the third largest cryptocurrency, is back in the game. The currency has taken control with an increase of 6.57% in the last 24 hours, managing to successfully land a blow on the bear.

According to CoinMarketCap, at the time of printing, the cryptocurrency was trading at $ 122.33 with a market capitalization of $ 12.66 billion. The currency recorded a trading volume of $ 2.48 billion and saw an increase of over 1% in the last hour.

1 hour

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

In the one-hour chart, cryptocurrency shows a downtrend from $ 136.31 to $ 123.26. The chart also shows an uptrend from $ 103.19 to $ 116.03. The cryptocurrency has an immediate resistance of $ 123.27 and a strong resistance to $ 130.52. His immediate support level is set at $ 116 and strong support at $ 100.87

Chaikin cash flow it is currently bullish for the currency as the line is above the zero line, indicating that money is flowing into the market.

The Parabolic SAROn the other hand, it is bearish for the coin as the points are aligned on the top of the candlesticks.

Bollinger bands they are seen contracting, expecting a less volatile market for money

1 day

Chart of daily prices of Ethereum | Source: trading view

In the one-day chart, the coin shows a downtrend from $ 714 to $ 206.20. It also recorded a further steep downtrend from $ 182.92 to $ 110.16. The currency has immediate resistance at $ 123.68 and strong resistance at $ 296.55. It also proves that the currency has a support level of $ 106.63.

MACD it is showing a 'downward wave' when the moving average line has made a crossover below the signal line.

Klinger Oscillator it's on a different page than the MACD as the reading line has done a bullish crossover.

RSI is showing that the buying pressure and selling pressure for the currency are currently leveled, although it seems that the grip of the bear is strong.

Conclusion

The bull and the bear seem to have engaged in an intense fight, with the bull gaining the support of Klinger Oscillator from the one-day chart and the CMF from the chart of an hour. The bear has the support of the MACD from the one-day chart and the Parabolic SAR from the chart of an hour.

Follow us on Telegram | chirping | Facebook

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.