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Ethereum [ETH/USD] Technical Analysis: Bull closes in on the bear

Priya

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Ethereum [ETH/USD] Technical Analysis: Bull closes in on the bear
Source: Unsplash

Ethereum [ETH], the third biggest cryptocurrency by market cap, is in turmoil on whether to chose the bull or the bear. The coin has been in this state for the past few weeks, with no signs of tranquility.

According to CoinMarketCap, at press time, Ethereum was trading at $108.41 with a market cap of $11.23 billion. The coin has a trading volume of $1.85 billion and has witnessed a downfall of more than 4% 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 has a downtrend from $123.25 to $118.49. It also records further falls, with $110.79 to $108.90 being the latest one. The chart demonstrates an uptrend from $102.01 to $106.05. The coin has an immediate resistance at $110.92 and a strong resistance at $120.86. The immediate support is set at $105.91 ground and the strong support is set at $101.95 level.

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

Bollinger Bands are showing that the bands have started to move away from each other, predicting a volatile market for the coin.

Chaikin Money Flow is demonstrating the money flowing into the market for the coin as the line is above the zero threshold, showing its support to the bull.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the coin has a downtrend from $499.01 to $218.66. It also pictures another downtrend from $203.20 to $114.76. The coin has an immediate resistance at $122.23 and a strong resistance at $317.88.

RSI demonstrates that the selling pressure is more than the buying pressure, pushing the coin towards the bear’s side of the market.

MACD is currently bullish on the coin, as the moving average line has made a crossover only to take the upwards direction.

Klinger Oscillator is also on the bull’s side as the reading line and the signal line have made a crossover, with the reading line going uphill.

Conclusion

The bull is currently supported by MACD and Klinger Oscillator from the one day chart and CMF from the one-hour chart. Whereas the bear has gained the support from RSI from the one-day chart and the Parabolic SAR 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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