Connect with us

Altcoins

Ethereum [ETH/USD] Technical Analysis: Bull-bear clash will decide fate of the coin

Priya

Published

on

Ethereum [ETH/USD] Technical Analysis: Bull-bear clash will decide fate of the coin
Source: Unsplash

The whole cryptocurrency market seems on the brighter side of the field as a majority of the cryptocurrencies are dawned in green. This includes all the top currencies such as Bitcoin, Litecoin, Ethereum, XRP, and Bitcoin Cash ABC, taking the lead.

According to CoinMarketCap, at press time, Ethereum was trading at $119.06 billion, with a market cap of $12.44 billion. The coin registered a trading volume of $2.47 billion and has seen a hike of over 1% in the past one-day.

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 pictures downtrends from $129.38 to $124.89 and $124.65 to $118.69. The uptrend is recorded from $114.98 to $118.39. The immediate resistance for the coin is set its ground at $118.72 and the strong resistance at $124.91. The support system for the cryptocurrency is operating at $114.95 and $114.31 levels.

Parabolic SAR is forecasting a bullish trend as the dots are aligned below the candlesticks.

Chaikin Money Flow is also seen enjoying the market’s current status as it is indicating that the money has started to flow into the market.

Bollinger Bands are pictured parting from each other, making room for more price actions to take place.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $478.79 to $155.91 for the coin. The uptrend is outlined from $83.74 to $115.86. The immediate resistance for the coin is set at $156.04 and the strong resistance is at $218.82. However, the support grounds are pictured at $114.31 and $82.81.

RSI is showing that the buying pressure and the selling pressure are being evened out by each other.

Klinger Oscillator is currently showing a bearish trend for the coin. However, the lines are drawn closer to each other, showing signs of another crossover soon.

MACD is also on the same page as Klinger Oscillator. In addition, the histogram’s red is seen fading away, opening doors for the bright color to re-enter the market.

Conclusion

The coin has started to show its preference to the bull’s regime. Klinger Oscillator and MCD from the one-day chart continue to be stuck up in the bear’s market. Whereas, Parabolic SAR and Chaikin Money Flow have already jumped to the other side.



Follow us on Telegram | Twitter | Facebook



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.

Advertisement
Advertisement

Trending

Subscribe to AMBCrypto's Newsletter