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

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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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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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