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Ethereum [ETH/USD] Price Analysis: Bear fastens its grip over coin

Priya

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Ethereum [ETH/USD] Price Analysis: Bear fastens its grip over the coin
Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, made headlines following the statement made by the Securities and Exchange Commission [SEC] Chairman, Jay Clayton. Clayton agreed that the tokens which could have been classified as a security, in the beginning, may not be classified as such over time.

According to CoinMarketCap, Ethereum was trading at $133 with a market cap of $13.99 billion, at press time. The coin had a trading volume of $4.26 billion and witnessed a loss of over 4% in the last seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

The one-hour chart demonstrated two prominent downward trends for the cryptocurrency, from $138.94 to $137.23, and from $137.13 to $133.65. The coin also had two upward trends, outlined from $124.88 to $129.28, and from $129.29 to $130.70.

The immediate resistance was set at $133.67, while stronger resistance was set at $138.96. However, if the bear was its tighten the grip, the immediate support for the coin was found at $129.27 and the strong support at $124.83.

Bollinger Bands showed that there was volatility for the cryptocurrency in the market, with the charts recording a recent explosion.

Klinger Oscillator showed that the bear had no intention of loosening its grip as the reading line was well below the signal line after a crossover.

RSI showed that the coin remained in an evened out market, where the buying pressure canceled out the selling pressure.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart showed that the cryptocurrency’s downtrend was displayed from $218.66 to $157.55, which went further south to settle at $136.41. The uptrends for the cryptocurrency were from $83.74 to $103.21, and from $103.22 to $125.24.

The immediate resistance for the cryptocurrency was at $137.80, while there was strong resistance at $157.61. The coin found its immediate support ground at $125.12 and strong support at $82.64.

MACD showed that the coin had joined a few others in the bear’s station.

Parabolic SAR also forecast an impending bearish doom as the dotted markers were above the candlesticks.

Chaikin Money Flow indicated a red future for the coin as money was seen flowing out of the market.

Conclusion

Bullish activity was slowing phasing out, following the bear’s tight grip over the market. MACD, Parabolic SAR and CMF, from the one-day chart and Klinger Oscillator from the one-hour chart, were all seen siding with the bear.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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