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Ethereum [ETH/USD] Price Analysis: Coin stands tall with the bull by its side

Priya

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Ethereum [ETH/USD] Price Analysis: Coin stands tall with the bull by its side
Source: Unsplash

The whole market witnessed the bear’s short visit as a majority of the coins bled red during the time frame of its stay. Nonetheless, there were still coins in the market that stood tall against the bear such as Ethereum [ETH], the second largest cryptocurrency by market cap on CoinMarketCap.

According to CoinMarketCap, at press time, Ethereum was trading at $123.25 with a market cap of $12.92 billion. The coin recorded a trading volume of $2.95 billion and the coin pictured a rise of over 3% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

The downtrend for the cryptocurrency is recorded from $123.93 to $123.18, from $123.12 to $122.80 and from $122.81 to $121.50. The coin’s uptrend is outlined from $103.27 to $120.16. The immediate resistance for the coin is pictured at $122.83 and there is strong resistance at $123.96. The coin’s support levels are laid down at $119.39 and $115.69.

Parabolic SAR is currently showing a bullish reign for the coin as the dots are pictured below the candlesticks.

Bollinger bands are forecasting a less volatile market for the coin as the bands have moved closer in an attempt to suppress major price actions from taking place.

Chaikin Money Flow, however, is showing a bearish market for the coin as the line is below the zero mark, indicating that the money is flowing out of the market for the cryptocurrency.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates a sharp downtrend from $295.06 to $120.42. The uptrends for the coin are recorded from $83.74 to $103.22 and from $103.22 to $119.39. The immediate resistance for the cryptocurrency is placed at $128.57 and there is strong resistance at $156. The support grounds for the coin are at $103.22 and $82.81.

Klinger Oscillator continues to be optimistic as the reading line won over the signal line by placing itself above after a crossover, forecasting a bullish wave for the coin in the longer run.

MACD is also on the same page as the moving average line is above the signal line after the two had a crossover. Additionally, the histogram is also shining bright green, welcoming the long stay of the bull in the market.

RSI shows that both the buying and selling pressures for the coin have currently evened out in the market.



Conclusion

Despite the bear’s short-term visit, the coin continues to indicate a bright future. Indicators such as Klinger Oscillator, and MACD from the one-day chart and Parabolic SAR from the one-hour chart are standing with the coin in order to support its bull run.



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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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