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Ethereum [ETH/USD] Technical Analysis: Cryptocurrency receives a lease of life as bear lurks around the corner

Akash Anand

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Ethereum [ETH/USD] Technical Analysis: Cryptocurrency receives a lease of life as bear lurks around the corner
Source: Unsplash

The consecutive bear attack on the cryptocurrency market has left a lot of coins reeling on their price supports, which includes Bitcoin [BTC], Ethereum [ETH] and XRP. Ethereum was knocked off its perch and had fallen below its strong support of $99.

1-hour:

The one hour chart shows Ethereum falling consistently with sporadic bullish rises in between. The downtrend lowered the price from $106.17 to $83.38 while the sudden spike lifted the price to $96.28. Ethereum has been holding a resistance of $118.73 while the support has been lowered to $82.71.

The Parabolic SAR has been bullish for a short period while in the long run, the pattern has been bearish. This is shown by the markers staying above the price candles.

The Bollinger band has shown a massive trend change which is indicated by the large Bollinger cloud.

The MACD indicator has spiked above the MACD histogram with the signal line and the MACD line almost meeting, forming the start of a bearish crossover.

1-day

The Ethereum one day chart displays a massive slide that saw the cryptocurrency slip from $470.52 to $94.55. The long-term support was formed recently, holding at $88.93.

The Awesome Oscillator shows an increase in market momentum after a lull. The recent pickup comes after the sudden bullish spike.

The Relative Strength Index has crashed below the oversold zone, indicating a massive surge of selling pressure over the buying pressure.

The Chaikin Money Flow indicator has been holding below the axis. This is a sign of the money flowing out of the market being much greater than the money coming into it.



Conclusion

Ethereum received a saving grace with the price left but it looks like the bear has not left its side. The above-mentioned indicators all point to an extended bear run with no bullish spikes in sight.





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Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bears stall coins’ bullish momentum

Yash Rajan

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XRP vs Stellar Lumen [XLM] Price Analysis: XRP and XLM bulls stalwart bears
Source: Pixabay

Ripple’s XRP saw a huge amount of capital being transferred yesterday and was ranked third on CoinMarketCap, with a market cap of $16.258 billion, at press time. According to CoinMarketCap, XRP was priced at $0.386 and had a 24 hour trading volume of $1.664 billion. It surged by 4.07% over 24 hours.

Stellar Lumens [XLM] stood ninth on the top-10 cryptocurrencies with a market cap of $2.438 billion. XLM was priced at $0.126 with a 24 hour trading volume of $474.116 million. XLM rose by 3.96% over the past 24 hours.

1-Day XRP

Resistance lines stood at $0.458 and $0.402 and supports were at $0.311 and $0.285. XRP saw an uptrend over the course of six months from $0.364 to $0.459. XRP also drew a downtrend over the past two weeks from $0.457 to $0.391.

Source: TradingView

Source: TradingView

Parabolic SAR markers were above the candles and indicated a bearish environment for the coin.

Moving Average Convergence/Divergence [MACD] indicator suggested an imminent bearish crossover

Relative Strength Index indicator showed that the buying and selling pressures had evened each other out

1-Day XLM

Stellar Lumens [XLM] saw an uptrend from $0.126 to $0.142. Resistance lines stood at $0.143 and $0.127 and support lines stood at $0.741 and $0.115.

Source: TradingView

Source: TradingView

Bollinger Bands pointed towards increment in volatility.

Awesome Oscillator indicator presented a bullish buying opportunity. However, bearish pressure was seen over the last few histogram bars.

Chaikin Money Flow indicator showed that the money flowing into the market was greater than the money flowing out of the market.



Conclusion

Both XRP and XLM seemed to have stalled in the face of bearish pressure, after posting some bullish gains.





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