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Ethereum [ETH/USD] Technical Analysis: Green flashes predicted amidst bear’s ambush

Priyamvada Singh

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Ethereum [ETH/USD] Technical Analysis: Green flashes predicted amidst bear's ambush
Source: Pixabay


The cryptocurrency market is at the bear’s mercy at the moment, with blood splashed over all the big names across the board. Be it Bitcoin [BTC], XRP or Ethereum [ETH], none of the tokens have been spared in the ambush.

At the time of writing, Ethereum [ETH] was showing a drop of 12.76%, trading at a depressed price of $180.9, with a market cap of $18.59 billion. The total 24-hour trading volume is $3 billion.

1-hour:

ETHUSD 1-hour candlesticks | Source: tradingview

ETHUSD 1-hour candlesticks | Source: tradingview

In the one-hour timeline of the ETH candlesticks, a steep downtrend has been spotted that extends from $198.3 to $175.2. Multiple supports have been broken as the coin continued to depreciate, with the onset of the crypto-market crash from yesterday.

The first major breach of support was seen when the coin plunged below $207.2. The current support has dropped down to $172, struggling to withhold the ETH prices.

The Parabolic SAR is bullish on the upcoming price trend of the coin. The dots are aligned below the candlesticks to reflect positivity on the prices.

The Awesome Oscillator is also flashing green on the price trend as the bars turn bullish on the price.

The Chaikin Money Flow has agreed with the above indicators. Currently, the reading line is approaching an upward trend, traveling above the 0-mark.

1-day:

ETHUSD 1-day candlesticks | Source: tradingview

ETHUSD 1-day candlesticks | Source: tradingview

In the one-day price run, Ether is witnessing a downtrend from $456.6 to $209.9 while the support level at $182.8 was violated and is currently fixed at $177. A trend breakout is not visible as of now as there is no concentration noticed in the ETH market.

The Bollinger Bands are showing heavy volatility in the price trend. The bands have taken a wide approach by expanding the horizons to a high degree.

The RSI has hit the oversold zone and is currently preparing for a bullish prediction. This is evident due to the oversell activity in the market, which will lead in a reversal of trends.

The Klinger Oscillator has made a bearish crossover by the signal line. The indicator is mercilessly crashing further to strengthen the rule of the bear.

Conclusion

In the technical analysis, it has been predicted that the token will experience high fluctuations in the upcoming period. Despite the dunk, the price trend has been suggested to go up and turn bullish soon by most of the indicators.





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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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