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Ethereum [ETH/USD] Technical Analysis: Bulls siege bear’s territory forcing them into hibernation

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Ethereum [ETH/USD] Technical Analysis: Bulls siege bear's territory forcing them into hibernation
Source: Unsplash

Ethereum has seen a spike ever since the start of November, and the candles have already come eerily close to the resistance.

1-hour

Source: Trading View

The uptrends and downtrends seem to be racing each other in the one-hour chart. The downtrend is seen ranging from $214.06 to $207.81, with an uptrend ranging $201.01 to $207. Support is set up at $195.99 and resistance at $213.99

The RSI represents an oversold market coming to an end as it is at the center of the RSI band, indicating a balance in buying and selling pressure.

The RVGI line is crossing over the signal line, indicating a bullish crossover.

1-day

Source: Trading View

The downtrend is visible from $456.47 to $199.75, with a support seen at $182.79. The resistance is seen at $247.76, with a successive resistance set up at $317.55.

The Parabolic SAR markers are developing below the candles, indicating a bullish pressure.

The MACD line is crossing over the signal line, indicating a bullish crossover.

The Awesome Oscillator is seen indicating red spikes below the zero line, indicating that the buying momentum is decreasing in the market.

Conclusion

In the one-hour time-frame, RSI shows a rather neutral position, while RVGI indicates a bullish market. In the one-day time-frame, the indicators are all pointing at a bullish trend, except for the AO indicator.



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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.

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