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Ethereum [ETH/USD] Price Analysis: Coin chooses bull as short-term companion




Source: Unsplash

Ethereum [ETH], the second largest cryptocurrency by market cap, continued to show healthy movement in the coin market. According to CoinMarketCap, at press time, Ethereum was trading $139.34, with a market cap of $14.67 billion. The trading volume of the cryptocurrency was $4.12 billion, with a rise of over 4% in the past seven days.


Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

The one-hour chart of the cryptocurrency recorded downtrends from $142.52 to $140.19, and from $140.19 to $138.07. The uptrends for the coin were from $129.29 to $130.18, and from $131.40 to $136.75.

The coin’s immediate resistance was set at $138.07, and $140.20. Strong resistance for the cryptocurrency was seen at $142.53. The immediate support layers were placed at $136.09, and $130.69. Strong support for the cryptocurrency was at $129.27.

Parabolic SAR had its dotted markers below the candlesticks, indicating a bullish run for the coin.

Klinger Oscillator, on the contrary, showed that the reading line had crossed below the signal line, indicating the bear’s victory.

RSI showed that the buying and selling pressures for the coin were equally met in the market.


Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

The one-day chart outlined downtrends from $218.66 to $157.56, and from $157.55 to $140.49 for the cryptocurrency. The uptrends were from $82.92 to $103.22, and from $103.22 to $131.40.

The immediate resistance for the coin was at $140.53 and the strong resistance was at $157.73. On the contrary, the immediate support was at $125.14, and the strong support was at $82.77.

Bollinger Bands forecast a reduced volatility as the bands were reuniting in the market after an explosion.

MACD showed that the moving average line placed itself below the signal line right after a crossover.

Chaikin Money Flow also supported the bear’s cause in the market as money was flowing out of the market in the long term.


Even though the coin was showing signs of a healthy market, long-term indicators forecast a market painted in red for the cryptocurrency.

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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.


Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600




Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.

EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.

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