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Ethereum [ETH] Technical Analysis: Bulls ravage a bearish market

Namrata Shukla

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Ethereum [ETH] Technical Analysis: Bulls ravage a bearish market
Source: Pixabay

The wounded market has been seen to make a good recovery, with the second largest coin Ethereum [ETH] is also making a recovery on December 9.

At the time of press, the coin was valued at $152.98, with a market cap of $15.9 billion. The coin recorded a 24-hour trade volume of $2.4 billion with a growth of 2.56% over the past day. The coin registered an overall growth of 6.88%, however, is still seen bleeding by a fall of 0.22% in the past hour.

1-hour 

Source: Trading View

Source: Trading View

According to ETH’s one-hour chart, an uptrend was observed from $145.08 to $150.91, with another downtrend from $157.67 to $151.97. The coin registered strong resistance at $152.53, while support was found to be at $147.44.

Bollinger Bands appears to be at a converging point, indicating lesser volatility in the market. The moving average line is under the candlesticks marking a bullish market.

Awesome Oscillator also points towards a bullish market gaining momentum.

MACD line is above the signal line after a bullish, marking a bullish trend.

1-day

Source: Trading View

Source: Trading View

The one-day chart of the coin marks a massive downtrend from $404.99 to $218.66, followed by a miniscule uptrend from $83.74 to $114.53. The coin marked resistance at $155.92 and a support was noted at $82.82.

Parabolic SAR points towards a bullish market, as the markers align under the candlesticks.

Chaikin Money Flow, on the other hand, points towards a bearish market as the marker just dipped under zero.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion 

As per the indicators, Bollinger Bands, Awesome Oscillator, MACD, and Parabolic SAR the market is forecasted to be a strong bullish one. However, Chaikin Money Flow point towards a bearish market.



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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

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