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Ethereum [ETH/USD] Technical Analysis: Bear’s presence over the coin continues to grow stronger

Priya

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Ethereum [ETH/USD] Technical Analysis: Bear's presence over the coin continues to grow stronger
Source: Unsplash

Ethereum [ETH], the third-largest cryptocurrency by market cap, is back in the bear’s club as the coin is covered in red most of the times. The coin is not the only one spotted in the red club, as several other top coins are also seen enjoying the bear’s side of the market along with Ethereum.

According to CoinMarketCap, at press time, Ethereum was trading at $123.44, with a market cap of $2.46 billion. The trading volume of the cryptocurrency was $2.46 billion and the coin had witnessed a fall 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

In the one-hour chart, the cryptocurrency demonstrates a downtrend from $150.73 to $122.53 and from $122.53 to $121.84. The uptrend for the coin was recorded from $114.35 to $119.57 and from $119.57 to $121.11. The immediate resistance for the coin is placed at $124.93 and the strong resistance is found at $129.49. On the contrary, the immediate support has found its ground at $117.92 and the strong support is at $114.31.

Bollinger Bands are forecasting a less volatile market for the cryptocurrency as the bands are pictured to be closing in on each other.

RSI is showing that the buying pressure for the cryptocurrency is being evened out by the selling pressure in the market.

Chaikin Money Flow is predicting a bearish market as the money is flowing out of the market.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart of Ethereum demonstrates a downtrend from $478.79 to $155.92 for the coin. The uptrend is outlined from $83.74 to $115.61. The immediate resistance for the coin is at $156.06 and the strong resistance is at $219.10. The coin’s immediate support is at $115.75 and the strong support is at $82.80.

Parabolic SAR is forecasting a bearish market as the dots have aligned on top of the candlesticks.

MACD is also predicting a strong bearish presence over the coin as the moving average line is placed below the signal line, after a crossover.

Klinger Oscillator is also on the same page as the reading line was pictured going south after meeting the signal line for a brief moment.

Conclusion

The cryptocurrency continues to live in the bear’s realm as the majority of the indicators are advising the coin to do so. This includes Klinger Oscillator, Parabolic SAR and MACD from the one-day chart and Chaikin Money Flow 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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