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Analysis

Ethereum [ETH/USD] Technical Analysis: Bear’s win is crystal clear in the market

Priya

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Ethereum [ETH/USD] Technical Analysis: Bear's win is crystal clear in the market
Source: Unsplash

Ethereum [ETH], the cryptocurrency which was once the second biggest cryptocurrency by market cap, seems to be enjoying its third position. The coin that lost to XRP has succumbed to the bear has it continues to make new low records.

According to CoinMarketCap, at press time, Ethereum is trading at $132 with a market cap of $132.73. It has a trading volume of $2.25 billion and has plummeted in the market by 24.94% 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 coin shows a downtrend from $174.70 to $135.26. It pictures an uptrend from $124.50 to $130.26, and further up to rest at $133.52. The cryptocurrency demonstrates an immediate resistance at $136.42 and a strong resistance at $157.44. The coin has a immediate support $130.14 and a strong support at $124.32.

The Bollinger Bands are indicating that the bands are trying to get closer to each other, demonstrating a less volatile market for the cryptocurrency.

Parabolic SAR is currently picturing the bull’s grand entry in the market as the dots have aligned below the candlesticks.

Chaikin Money Flow is also applauding the bull’s entry as the indicator depicts that the money is flowing in the market as the CMF line is above the zero line.

1 day:

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the cryptocurrency is showing a steep decline from $466.01 to $208.77 and further down from $203.20 to $175.90. The coin has an immediate resistance at $248.01 and a strong resistance at $318.20. It has a strong support at $127.32.

Klinger Oscillator is cheering for the bear as the reading line is well-below the signal line.

MACD is walking beside the bear in the market, as the moving average is below the signal line.

It is followed by RSI as the indicator depicts that the coin is in an oversold zone right now, making room for a possible recovery.



Conclusion:

The bear’s win is crystal clear, especially with the support of all the key indicators from the one-day chart. Nonetheless, the bull has managed to gain the attention of Parabolic SAR 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.

Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: TRX tries to join ETH on the bull wagon

Arijit Sarkar

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH enjoys the bullish trend while TRX tries to join the bull wagon
Credit: Pixabay

The cryptocurrency market continued to consolidate after days of bullish movements. Tron [TRX] was back in the 12th position on CoinMarketCap and continued its sideways trend. Ethereum [ETH] maintained its market position as the market’s best performing altcoin.

Ethereum [ETH] 1-Day

Source: TradingView

The 1-day reading for Ethereum [ETH] showed that the altcoin enjoyed a strong bull market throughout the year, with no visible resistance to break. The cryptocurrency’s bull run was the strongest over the last week, enabling investors to enjoy a 38% growth in ETH value. Following the spike, ETH settled at $257.51, and held a market cap of $27.3 billion. It had a 24-hour trading volume of $11.8 billion, at press time.

Bollinger Bands: The upper and lower bands have been diverging over the month, suggesting high volatility and a bullish trend

Awesome Oscillator: On the other hand, the red histogram projections in the AO displayed a rising selling pressure for the ETH market

Relative Strength Index: The token continued to be traced across the overbought zone.

Tron [TRX] 1-Day

Source: TradingView

Resistance 1: $0.0308

Contrary to Justin Sun’s promise of TRX’s bullish future, Tron [TRX] witnessed a drop in its position owing to BSV’s brief pump, before the status quo was restored again. During the 24 hour reading, the coin grew by 1.58% and traded at $0.0286, with its resistance at $0.0308, at press time. It held a market cap of $1.9 billion and a 24-hour trading volume of $737 million.

MACD: The MACD line over the the reading line and suggested a bullish market for TRX

Chaikin Money Flow: The CMF plot hovered very close to the zero line, suggesting an equilibrium in the capital flowing in and out of the TRX market

Parabolic SAR: The alignment of the dotted markers below the candlesticks suggested a bullish phase for the market



Conclusion

Ethereum [ETH] continued to consolidate its position in the market, while Tron [TRX] was making progress in breaking from its perpetual sideways movement.





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