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Ethereum [ETH/USD] Price Analysis: Green markets in the offing as coin finds bullish support

Priya

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Ethereum [ETH/USD] Price Analysis: Green markets in the offing as coin finds bullish support
Source: Unsplash

The day began with Ethereum [ETH], the second largest cryptocurrency by market cap, sparking a little bit of red and a little bit of green. Despite the constant appearance of the bear in the coin’s realm, the bull continues to have a grip over the coin’s future.

According to CoinMarketCap, at press time, Ethereum was trading at $123.07 with a market cap of $12.9 billion. The coin has a trading volume of $3.42 billion and has witnessed a rise of over 16% 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 in the one-hour chart is outlined from $123.93 to $123.18 and further down till $122.80. On the other hand, the uptrend for the coin is pictured from $103.27 to $120.66. The resistance levels for the coin are set at $122.81 and $123.96. The coin’s immediate support is at $119.78 and the main support is at $103.08.

Klinger Oscillator is currently forecasting a bearish market as the signal line and the reading line had a crossover in the market with reading line deciding to take the direction pointing south.

Bollinger Bands are forecasting a less volatile market for the currency as the bands are pictured contracting and moving close to each other.

RSI continues to show that the buying pressure is evened out by the selling pressure in the market for this cryptocurrency.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the downtrend is demonstrated from $317.55 to $123.93. The coin’s uptrend is recorded from $83.74 to $103.22. The immediate resistance for the coin is pictured at $123.99 and there is also strong resistance at $156.02. On the other hand, the cryptocurrency has set its immediate support at $103.20 and its strong support at $82.92.

MACD has pictured the moving average line above the signal line after a crossover, paving path for a bull run to take place.

Chaikin Money Flow is seen making a leap towards the bull’s market as the line is pictured making an effort to cross over the zero line.

Parabolic SAR is forecasting a green market for the coin in the long-run as the dots have aligned below the candlesticks.



Conclusion

Despite the short bearish weather, the market is still indicating a bullish market for the coin in the coming days. This is because of the support of the long term indicators, MACD and Parabolic SAR from the one-day 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.

Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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