Ethereum consolidates under $200 as the bulls remain oblivious to the market - AMBCrypto
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Analysis

Ethereum consolidates under $200 as the bulls remain oblivious to the market

Biraajmaan Tamuly

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Source: Pixabay

Vitalik Buterin’s Ethereum continued to consolidate under the $200 dollar valuation as the coin was priced at $184.02 at press time. The market cap remained around $20 billion of the 2nd largest virtual asset and the trade volume over the past day was recorded to be about $6.3 billion.

The coin registered a decline of 2.10 percent over the last 24-hours and it was traded the most on the CoinEgg exchange with a trade of $339 million.

1-hour chart

Source: Trading View

Resistance 1: $202.46

Resistance 2: $194.14

Resistance 3: $190.12

Support 1: $184.02

Support 2: $182.31

The short term chart of ETH experienced an uptrend which stretched its valuation from $186.82 to $201.40 and then its valuation slumped from $202.31 to $193.13.

The Parabolic SAR remained bearish as the dotted markers remained above the candles.

The MACD line was below the signal line which suggested a bearish outbreak.

The Relative Strength Index or RSI remained close to the over-sold section after the RSI line remained marginally above the 40-line marker.

1-day chart

Source: Trading View

Resistance 1: $318.33

Resistance 2: $273.70

Resistance 3: $233.48

Support 1: $180.58

Support 2: $125.32

Support 3: $83.32

The long term chart was overall bullish but as the token currently hovered over the long support of $180.58, registering a bearish presence. A massive uptrend was exhibited from $156.34 to $333.76, after which the valuation plummeted from 306.21 to 202.17.

The Bollinger Bands appeared to be converging suggesting a reduced volatile period.

The Awesome Oscillator or AO had green bars appear at press time however, the bullish momentum was fairly weak.

The Chaikin Money Flow or CMF line remained above the zero-line suggesting dominant the in-flow capital of the virtual asset.

Conclusion

Ethereum continued to consolidate lower in the charts as the bulls remain quite in the market.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.