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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.

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