Home / Coin Payment / Ethereum [ETH/USD] Technical analysis: the presence of the bear on the currency continues to strengthen

Ethereum [ETH/USD] Technical analysis: the presence of the bear on the currency continues to strengthen

Ethereum [ETH], the third largest cryptocurrency by market capitalization, has returned to the bear club as the currency is covered in red most of the time. The coin is not the only one sighted in the red club, as many other better coins are also seen with the bear side of the market along with Ethereum.

According to CoinMarketCap, at the time of the press, Ethereum was trading at $ 123.44, with a market capitalization of $ 2.46 billion. The trade volume of the cryptocurrency was $ 2.46 billion and the currency has seen a decline of over 3% 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 chart of an hour, the cryptocurrency shows a downward trend from $ 150.73 to $ 122.53 and from $ 122.53 to $ 121.84. The upward trend of the currency was recorded from $ 114.35 to $ 119.57 and from $ 119.57 to $ 121.11. The immediate resistance for the currency is $ 124.93 and the strong resistance stands at $ 129.49. In contrast, immediate support found its ground at $ 117.92 and the strong support was $ 114.31.

Bollinger Bands they are predicting a less volatile cryptocurrency market as the bands are depicted so as to close one on the other.

RSI is proving that the buying pressure for cryptocurrency is offset by the sales pressure in the market.

Chaikin money flow it is expecting a bear market while the money is coming out of the market.

1 day

Chart of daily prices of Ethereum | Source: trading view

Chart of daily prices of Ethereum | Source: trading view

The one-day Ethereum chart shows a downtrend from $ 478.79 to $ 155.92 for the currency. The uptrend is outlined from $ 83.74 to $ 115.61. The immediate resistance for the currency is $ 156.06 and the strong resistance is $ 219.10. Immediate currency support is $ 115.75 and strong support is $ 82.80.

Parabolic SAR he is expecting a bearish market as the points lined up on the top of the candlesticks.

MACD it is also predicting a strong bearish presence on the currency, as the moving average line is below the signal line after a crossover.

Klinger Oscillator it is also on the same page where the reading line to the south was shown after having met the signal line for a brief moment.

Conclusion

The cryptocurrency continues to live in the realm of bears because most indicators recommend the currency to do so. This includes Klinger Oscillator, Parabolic SAR and MACD from the one-day chart and Chaikin Money Flow from an hourly chart.


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