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Ethereum [ETH/USD] Price Analysis: Price outburst results in trend reversal as bulls take charge

Priya

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Ethereum [ETH/USD] Price Analysis: Price outburst results in trend reversal as bulls take charge
Source: Unsplash

Ethereum [ETH], the third largest cryptocurrency by market cap, gained its momentum after Litecoin [LTC], now the fourth largest cryptocurrency, started a bull rally earlier yesterday. Since then, the coin has successfully managed to retain the bull in the market as it was pictured painted in green.

According to CoinMarketCap, at press time, Ethereum was trading at $119.30 with a market cap of $12.5 billion. The coin has a trading volume of $3.54 billion and has seen a rise of over 9% in the past 24 hours.

1-hour:

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

In the one-hour chart, the coin has an uptrend from $116.87 to $118.62 and $103.27 to $117.88. The immediate resistance for the coin is at $118.65, while the support systems for the coin can be seen at $116.58 and $101.29.

Parabolic SAR is showing a bearish wave as the dots have started to align on top of the candlesticks.

Bollinger Bands is forecasting a less volatile market as the bands are seen close to each other, making almost no space for price movements.

Chaikin Money Flow is on the brighter side of the market as the money is seen flowing into the market for the coin.

1-day:

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

In the one-day chart, the cryptocurrency is demonstrating a downtrend from $499.01 to $117.86. The uptrend for the coin is outlined from $83.74 to $103.22. The immediate resistance for the coin is at $128.49 and there is strong resistance is at $156.03. The support levels are at $103.15 and $83.02.

Klinger Oscillator is forecasting a bullish reign over the coin as the reading line and the signal line were pictured having a crossover, with the reading line deciding to go north.

RSI continues to show that the buying pressure for the coin is evened out by the selling pressure.

MACD is also on the same page as Klinger as the moving average line has placed itself above the signal line after a crossover.

Conclusion:

The sudden outburst of the market has resulted in a trend reversal as majority of the indicators have hopped on to the bull’s side. This includes CMF from the one-hour chart and Klinger Oscillator and MACD 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.

Analysis

EOS rises by over 6%; Ripple’s XRP and Ethereum follow suit prompted by Bitcoin’s rally

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EOS rises by over 6%; Ripple's XRP and Ethereum follows suit prompted by Bitcoin's rally
Source: Pixabay

Bitcoin, the largest cryptocurrency by market cap breached the $9,000-mark anchoring another market spin towards the bulls. The collective market cap stood at $285 billion, at press time.

EOS:

Since the onset of 2019, Block.one, the parent firm of EOS had rolled out several significant technological upgrades on its EOS blockchain. Even as the price movement was underwhelming for the most part of the year, the sixth largest digital asset by market cap, EOS gained strong market support. At press time, EOS climbed by 6.11% and stood at a price of $7.13 with a market cap of $6.5 billion. The trading volume recorded for the past 24 hours was $2.55 billion.

Source: TradingView

Ethereum:

With the much-anticipated Ethereum 2.0 blockchain rollout, the second largest cryptocurrency, on CoinMarketCap, garnered gained bullish momentum against the US Dollar. At press time, ETH rose by 3.67% over the past 24 hours and was priced at $275.1. The digital asset registered a market cap of $29.3 billion and a 24-hour trading volume $8.49 billion. Additionally, 4.2% of the trading volume was recorded at ZBG via the trading pair ETH/USDT.

Source: TradingView

Ripple:

Ripple’s focus has always been disrupting cross-border payment space following which the Brad Garlinghouse-led firm introduced new technologies, features, and network updates. Its native token, XRP, significantly leveraged from the recent developments as well as the market recovery steered by BTC.

At press time, the third largest digital coin was valued at $0.42 after posting 3.41% gains in the past 24-hours. XRP held a market cap of $17.92 billion and registered a 24-hour trading volume of $1.5 billion. 4.4% of XRP was being traded at ZBG via XRP/USDT.

Source: TradingView





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