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Ethereum [ETH/USD] Technical Analysis: Coin takes refuge in bear’s kingdom

Priya

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Source: Unsplash

The bear has returned to the market and this time with rather unexpected news. The winter animal is seen clinging to the coin with the support of Constantinople hard fork postponement.

According to CoinMarketCap, at press time, Ethereum was trading at $122.31 with a market cap of $12.75 billion. The trading volume for the cryptocurrency is recorded to be $2.81 billion and the coin has plunged by over 5% in the past 24 hours.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the downtrend is outlined from $149.95 to $129.38 and from $128.96 to $121.05. The uptrend is demonstrated from $114.35 to $117.95. The strong resistance for the cryptocurrency is laid down at $129.40. The immediate support for the coin is at $117.91 and the strong support can be seen at $114.29.

Parabolic SAR is showing that the coin has shifted to the bear’s lane as the dots have aligned above the candlesticks.

Chaikin Money Flow is currently rendering its services to the bear as the money has started to flow out of the market.

Bollinger Bands is forecasting a volatile market as the bands are pictured well away from each other.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The downtrend for the coin is demonstrated from $499.01 to $155.91. The chart pictures an uptrend from $83.74 to $115.61 for the cryptocurrency. The immediate resistance is seen at $156.06 and the strong resistance is at $218.96. On the other hand, the immediate support for the coin has found its ground at $115.45 and the strong support is at $82.88.

MACD is on the bear’s side of the market as the moving average line is below the signal line after a crossover.

Aroon indicator is currently showing a strong bearish presence as the down line is dominating over the up line.

RSI is showing that the buying pressure and the selling pressure for the cryptocurrency are currently evened out in the market.

Conclusion:

The market is forecasting a bearish weather for the coin as a majority of the coins are rooting for its return. This includes Parabolic SAR and CMF from the one-hour chart and MACD and Aroon Indicator from the one-day 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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