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Ethereum [ETH] Technical Analysis: Short-term relief imminent as long-haul still in limbo

Namrata Shukla



Ethereum [ETH] Technical Analysis: Short-term relief imminent as long-haul still in limbo
Source: Pixabay

Ethereum [ETH], the third largest cryptocurrency, has been trying hard to fight the bear in the past few weeks, and it seems to have a little control over it. The cryptocurrency has seen a minimal growth of 0.81% in the past seven days.

According to CoinMarketCap, the coin was valued at $86.56 with a market cap of $8 billion. The coin reported a 24-hour trade volume of $1 billion and had plunged by 3.92% within 24 hours, at the time of press. The coin noted a growth of 0.54% over the past one hour.


Source: Trading view

Source: Trading view

According to the 1-hour chart, the coin reported two visible downtrends; one from $96.89 to $89.94 and second, from $89.20 to $85.40. An uptrend was observed from $85.99 to $87.76. The coin faced an immediate resistance at $86.09, while a strong support was provided at $84.22.

Awesome Oscillator indicates a bullish trend gaining momentum.

Chaikin Money Flow, on the other hand, showcases a bearish trend but might take a turn towards a bullish one, as the line seems to travel upwards and cross zero.

Relative Strength Index highlights that the buying and selling pressure are evening each other out.


Source: Trading view

Source: Trading view

The one-day chart shows a downtrend from $457.30 to $211.22, which continued further to $89.02. The coin did not show a significant uptrend. The coin registered an immediate resistance at $121.95 and a strong support at $85.16.

Bollinger Bands indicates a bearish market as the moving average line appears to be above the candle. The bands appear to be at a converging point but may diverge as per the previous trends.

Parabolic SAR notes a bearish market, as the markers are above the candles.

MACD line is under the signal line right after a crossover, indicating a bearish market.


As per the CMF and Awesome Oscillator, the market appears to be bullish but other indicators like Bollinger Bands and MACD, point towards a bearish trend.

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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.


Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly



Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.

However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.

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