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Analysis

Ethereum [ETH/USD] Technical Analysis: Bulls are ready for an uphill run

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Ethereum [ETH/USD] Technical Analysis: Bulls are ready for an uphill run
Source: Unsplash

Ethereum [ETH] seems to be doing well even though the bears took over the market from the bulls. At press time, Ethereum was trading at $209.07, with a market cap of $21.75 billion and a 24-hour trade volume of $1.48 billion.

1-hour

Source: Trading View

The one-hour chart for Ethereum is spontaneous, with a lot of peaks and valleys. The uptrend ranges from $198.11 to $207.38, which then breaks up and continues up to $209.51.

The downtrend spans from $219.53 to $210.85. The immediate support is at $207.38, which was formed on November 11. If the prices decide to slip below the support, there are two more supports, one at $206 and the other at $198.05.

The Bollinger Bands are facing an expansion, indicating a slight increase in volatility for ETH. The prices are holding above the simple moving average, indicating a bullish move. The prices have bounced off the upper Bollinger band [over-bought] and have reached the center.

The Aroon indicator shows that the uptrend has gained traction since the Aroon up line has topped after a crossover with the Aroon downline. Alternatively, the Aroon downline has hit the bottom indicating that the downtrend strength has diminished.

The Relative Strength Index line at 45, which is very close to the neutral line i.e., 50. The RSI is neither indicating an overbought nor oversold. It is neutral.

1-day

Source: Trading View

The downtrend in the one-day chart shows its significance as it ranges from $536 to $218.66, with a few breaks in between. There doesn’t seem to be an uptrend as the prices have resorted to sideways movement. The support has its roots spread strongly as the prices bounced off the support at $182.79.

There are multiple long-term resistances set up starting at $247.76. The next resistance is set up at a higher price with a subsequent gap at $317.55. The last resistance was at $478.79.

The Parabolic SAR is showing a bullish indication as the markers have formed below the candles. The markers are, however, getting closer to the candles.

Awesome Oscillator is showing a short-term bearish indication as the spikes have reversed and have formed above the zero line.

The MACD indicator is showing a bullish sign as well, as the MACD line has crossed over the signal line. The MACD histogram also shows the same as green bars are forming above the zero line.



Conclusion

In the one-hour chart, the Aroon indicator is indicating an uptrend while Bollinger bands indicate a bullish move. RSI is very neutral in the one-hour chart. The one-day chart is brimming with positivity as Parabolic SAR and MACD indicate a bullish trend in the long-term run for Ethereum.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure

Rishi Raj

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XRP and Stellar Lumens [XLM] Price Analysis: Coins struggle to cope with bearish pressure
Source: Pixabay

XRP, the third largest cryptocurrency, saw huge amounts of funds being moved earlier today. XRP was priced at $0.3701, with a market cap of $15.5 billion, at press time. The 24-hour trade volume came up to be $1.9 billion out of which, ZBG contributed 6.90% via XRP/USDT pair. XRP had fallen by 7.31% over the last 24 hours, at press time.

XRP’s competitor, Stellar Lumens [XLM] was priced at $0.122, with a market cap of $2.35 billion. The 24 hour trade volume came up to be $416 million, out of which BW.com contributed 10.84% via XLM/USDT pair. XLM fell by 8.61% over the last 24 hours, at press time.

1 day-XRP

Source: TradingView

The 1 day chart for XRP showed a downtrend from $0.5821 to $0.4550. The support point stood at $0.2881. The resistance points were seen at $0.4546 and $0.5247.

The Parabolic SAR showed a bearish trend as the dotted markers were formed on top of the candlesticks.

The MACD indicator hinted at a bearish crossover.

The Relative Strength Index indicated that the buying pressure was falling as the graph was seen to be in a downward move, indicating bearish trend.

1 day- XLM

Source: TradingView

The 1 day chart for XLM showed a downtrend from $0.2775 to $0.1430. The support point stood at $0.0738. The resistance points were seen at $0.1432 and $0.2541.

The Klinger Oscillator showed a bearish trend as the Klinger Oscillator dropped below zero, along with a drop in price

The Chaikin Money Flow crept below zero, indicating a greater outflow of capital, than inflow

The Relative Strength Index showed a decrease in buying pressure, indicating a bearish phase for the coin market.



Conclusion

The 1 day chart for XRP showed an overall bearish trend, as indicated by the aforementioned indicators. The same can be said about XLM.





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