The third-largest coin on the CoinMarketCap list, Ethereum [ETH], has been bleeding ever since it lost the second position on the top-10 list. The coin has managed to maintain its position in the third place, but has fallen by 5.91% over the past day.
At the time of press, the coin was valued at $118.46, with a market cap of $12.3 billion. ETH registered 24-hour trade volume of $2.3 billion with an overall fall of 24.27% over the week. The coin has just grown by 0.02% in the past hour.
As per the coin’s one-hour chart, it registered a massive downtrend from $150.91 to $125.66, which extended till $114.34. The coin did not register a significant uptrend. The coin marked resistance at $124.29, with a strong support at $114.34.
Bollinger Bands appear to be at a diverged point, indicating increased volatility in the market. The moving average line is above the candlesticks marking a bearish market.
Awesome Oscillator, on the contrary, marks a bullish market but losing its momentum.
Chaikin Money Flow also indicates a bearish reign with the marker under zero.
The one-day chart of ETH marks a downtrend from $404.99 to $157.15. The coin is falling and has not registered an uptrend. The coin met with immediate resistance at $157.15 with support marked at $82.92.
Parabolic SAR indicates a bearish market as the markers have aligned themselves over the candles.
MACD line is seen to be under the signal line, pointing towards a bearish market.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
As per the indicators, Chaikin Money Flow, Parabolic SAR, Bollinger Bands, and MACD point towards a bearish market, however, Awesome Oscillator is the only indicator forecasting a bullish trend. The prediction for ETH is a bearish one as most of the indicators point towards a bearish trend.
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