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Ethereum [ETH/USD] Technical Analysis: Bull’s spell over the cryptocurrency is wearing off




Ethereum [ETH/USD] Technical Analysis: Bull's spell over the cryptocurrency is wearing off
Source: Unsplash

Ethereum [ETH], the second-largest cryptocurrency by market cap, is up and ready for its upgrade scheduled for next week. The coin was glowing green in the market because of the upcoming hard fork. However, the coin’s grip over the bull market seems to be wearing off as it is currently seen injured by the bear’s previous attack.

According to CoinMarketCap, at press time, Ethereum was trading at $151.29 with a market cap of $15.77 billion. The coin has a trading volume of $2.41 billion and dropped by over 1% in the past seven days.


Ethereum one hour price chart | Source: Trading View

Ethereum one hour price chart | Source: Trading View

In the one-hour chart, the coin pictures two downtrends, from $159.40 to $157.67 and from $157.64 to $150.73. The cryptocurrency pictures a sharp uptrend from $145.08 to $147.44. It also shows another rise from $147.44 to $149.49.

The cryptocurrency’s immediate resistance is set at $152 and strong resistance is at $157.70. The immediate support ground for the coin can be spotted at $147.42, whereas, the strong support is placed at $145.03.

Chaikin Money Flow is indicating a bearish market as the money is pictured to be flowing out of the market.

Bollinger Bands, on the other hand, is indicating a less volatile market as the bands are contracting.

Parabolic SAR is forecasting the bear’s reign as the dots have aligned above the candlesticks.


Ethereum one day price chart | Source: Trading View

Ethereum one day price chart | Source: Trading View

The one-day chart of Ethereum demonstrates a steep downtrend from $404.99 to $155.91. The chart pictures short uptrends, from $83.74 to $114.53 and further to $130.66. The coin continues to climb to find its resting place at $150.62.

The coin’s immediate hurdle point is set at $156.02 and the strong point is at $219.06. The immediate support for the cryptocurrency is at $114.44 and the strong support is at $82.81.

Klinger Oscillator is showing a bearish trend as the reading line is placed below the signal line after a crossover.

MACD is currently bullish, however, the moving average line and the signal line are at the verge of another crossover.

RSI is indicating that the buying pressure and the selling pressure for the coin are evened out in the market.


The bull’s spell seems to be wearing off as the majority of the indicators are forecasting the bear’s return. The indicators’ favoring the cold weather includes Parabolic SAR and Chaikin Money Flow from the one-day chart and Klinger Oscillator 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.