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Analysis

Ethereum [ETH/USD] Price Analysis: Bears hold fort as bulls attempt to boost coin

Priya

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Ethereum [ETH/USD] Price Analysis: Bears hold fort as bulls attempt to boost coin
Source: Unsplash

Earlier today, the collective cryptocurrency market showed a mixture of both green and red. Ethereum [ETH], the second largest cryptocurrency, was among the coins painted in red.

According to CoinMarketCap, the coin was trading at $133.20 with a market cap of $14.01 billion, at press time. The coin had a trading volume of $4.08 billion, and witnessed a significant drop 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 for the coin recorded multiple downtrends. The first one was from $138.94 to $137.23, while the second one pulled the coin’s price down from $133.64 to $131.64. The coin outlined a minor uptrend from $129.29 to $130.73.

The immediate resistance level for the cryptocurrency was at $133.67, while the strong resistance level was at $135.59. Immediate support for the cryptocurrency was found at $130.69, with strong support at $129.27.

Chaikin Money Flow indicated that money was flowing back into the market, suggesting that the bull had returned.

MACD showed the moving average line placed above the signal line after a crossover, an indication of the bull running the coin market.

Bollinger Bands forecast a less volatile market for the coin as the mouth of the bands converged.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

The one-day chart demonstrated two prominent downtrends for the cryptocurrency, from $218.66 to $157.56, and from $157.55 to $132.81. The coin’s uptrend was painted from $85.51 to $103.21, and further from $125.24 to $131.16.

The coin’s immediate resistance was seen at $137.75, while the strong resistance ground was at $157.71. The immediate support for the cryptocurrency was at $125.09, with strong support at $82.65.

Aroon indicator showed the bull’s rescue attempt going in vain as the Aaroon down indicator was much closer to the 100 line.

Klinger Oscillator also projected bearish control over the coin as the reading line moved below the signal line after a crossover.

Parabolic SAR had its dotted markers above the candlesticks, indicating that the bearish pressure on the coin was stronger than the bullish pressure.



Conclusion

Indicators such as the MACD and CMF suggested that the bull planned to push the coin out of the bear market. However, the one-day chart and its indicators were unanimous in projecting that the coin was doomed to be 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.

Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bears stall coins’ bullish momentum

Yash Rajan

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on

XRP vs Stellar Lumen [XLM] Price Analysis: XRP and XLM bulls stalwart bears
Source: Pixabay

Ripple’s XRP saw a huge amount of capital being transferred yesterday and was ranked third on CoinMarketCap, with a market cap of $16.258 billion, at press time. According to CoinMarketCap, XRP was priced at $0.386 and had a 24 hour trading volume of $1.664 billion. It surged by 4.07% over 24 hours.

Stellar Lumens [XLM] stood ninth on the top-10 cryptocurrencies with a market cap of $2.438 billion. XLM was priced at $0.126 with a 24 hour trading volume of $474.116 million. XLM rose by 3.96% over the past 24 hours.

1-Day XRP

Resistance lines stood at $0.458 and $0.402 and supports were at $0.311 and $0.285. XRP saw an uptrend over the course of six months from $0.364 to $0.459. XRP also drew a downtrend over the past two weeks from $0.457 to $0.391.

Source: TradingView

Source: TradingView

Parabolic SAR markers were above the candles and indicated a bearish environment for the coin.

Moving Average Convergence/Divergence [MACD] indicator suggested an imminent bearish crossover

Relative Strength Index indicator showed that the buying and selling pressures had evened each other out

1-Day XLM

Stellar Lumens [XLM] saw an uptrend from $0.126 to $0.142. Resistance lines stood at $0.143 and $0.127 and support lines stood at $0.741 and $0.115.

Source: TradingView

Source: TradingView

Bollinger Bands pointed towards increment in volatility.

Awesome Oscillator indicator presented a bullish buying opportunity. However, bearish pressure was seen over the last few histogram bars.

Chaikin Money Flow indicator showed that the money flowing into the market was greater than the money flowing out of the market.



Conclusion

Both XRP and XLM seemed to have stalled in the face of bearish pressure, after posting some bullish gains.





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