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Ethereum [ETH/USD] Price Analysis: Bulls take charge as tug-of-war with bears reaches last stand

Priya

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Ethereum [ETH/USD] Price Analysis: Bulls take charge as tug-of-war with bears reaches last stand
Source: Unsplash


The entire cryptocurrency market was shining bright green earlier today, with some digital currencies recording digital-digit hikes over the past week.

According to CoinMarketCap, Ethereum [ETH] was trading at $138.91 with a market cap of $14.63 billion, at press time. The cryptocurrency had a trading volume of $4.48 billion and rose by 1% in the past 24 hours, at press time.

1-hour

Ethereum [ETH] one-hour price chart | Source: Trading View

Ethereum [ETH] one-hour price chart | Source: TradingView

The cryptocurrency’s downtrends on the one-hour chart were located from $142.52 to $138.83 and from $138.76 to $137.17. The uptrend for the coin was spotted from $132.91 to $135.41.

The immediate resistance for the coin was positioned at $138.93 and the strong resistance was at $140.21. On the contrary, the coin’s immediate support was at $142.54 and the strong support was at $134.40.

MACD pictured the bull pushing the bear out of the market as the moving average line loomed over the signal line after a crossover.

Bollinger Bands showed the bands diverging, forecasting a volatile market.

RSI showed that the buying pressure for the cryptocurrency was the same as the selling pressure.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] 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 $138.72. The uptrends for the coin were illustrated from $82.92 to $103.22 and from $103.22 to $134.47.

The immediate resistance for the coin was spotted at $140.53 and strong resistance was at $157.65. The immediate support for the coin found its ground at $103.13 and the strong support was at $82.72.

Chaikin Money Flow showed that money inflow into the market was on the rise.

Klinger Oscillator showed the bear resisting the bulls as the reading line continued to remain below the signal line after a crossover.

Parabolic SAR indicated a bullish market as the dotted lines were below the candlesticks.

Conclusion

The coin was seen moving towards a bull market after a short stay at the bear’s territory. A majority of the indicators, such as MACD from the one-hour chart, and the CMF, Parabolic SAR from the one-day chart, sided with the bull.





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