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Ethereum [ETH/USD] Price Analysis: Coin will break through bear’s grip soon

Priya

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Ethereum [ETH/USD] Price Analysis: Coin will break through the bear's grip soon
Source: Unsplash


After a green start, the market seems to have slowed down now, with the bullish gains registered by coins going down by quite a margin. This is evidenced as the bear’s preferred color, red, is seen covering several cryptocurrencies.

According to CoinMarketCap, at press time, Ethereum [ETH], the second-largest cryptocurrency by market cap, was trading at $144.75 with a market cap of $15.19 billion. The cryptocurrency has a trading volume of $4.43 billion and the coin has witnessed a rise of over 18% in the past seven days.

1-hour:

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

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

The one-hour price chart demonstrates a downtrend from $148.62 to $142.19. The uptrend for the cryptocurrency is seen from $124.22 to $143.06. The resistance levels for the cryptocurrency is laid out at $147.20 to $148.65 and the immediate support has found its ground at $140.70, while the strong support is at $123.38.

Klinger Oscillator is currently forecasting bearish weather for the cryptocurrency as the reading line went ahead to place itself below the signal line, after a crossover.

Bollinger Bands, at present, is showing a less volatile market for the coin. However, the bands have started to diverge from each other, indicating that the market might be volatile for the coin in the near future.

RSI is indicating an evened out market for the cryptocurrency as the buying pressure is on par with the selling pressure.

1-day:

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

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

The one-day chart shows a downtrend for the cryptocurrency from $247.76 to $218.66, and further to 147.19. The uptrends for the coin are recorded from $83.74 to 103.22 and from $121.55 to 142.71. The immediate resistance for the coin is set at $156.04 and the strong resistance is at $218.94. The coin has found its immediate support at $103.08 and a strong support at $82.77.

MACD continues to show its unwavering support to the bull as the moving average line continues to be on top of the signal line after a crossover.

Chaikin Money Flow is also seen on the bull’s side of the market as the marker line is above the zero-line, showing that money is flowing into the market.

Parabolic SAR is also predicting a bull market as the dots have aligned below the candlesticks.

Conclusion:

The bear will tighten its grip over the coin with the support of Klinger Oscillator from the one-hour chart, but only for a short duration. This is because the coin will break through the bear’s grip with the help of CMF, Parabolic SAR, and MACD from the one-hour chart.





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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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