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Ethereum [ETH/USD] Technical Analysis: Speculations flash green in hopes of uptrend

Priyamvada Singh

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Ethereum [ETH/USD] Technical Analysis: Speculations flash green in hopes of uptrend
Source: Pixabay

A large number of coins across the cryptocurrency board have begun to play the sideways game once again. Ethereum [ETH] is one of the coins mastering the art.

At the time of writing, ETH token was up by a mere 0.06%, trading at $211.58 with a market cap of $21.8 billion. The total trading volume in the past 24 hours was recorded to be $1.49 billion.

1-hour:

ETHUSD 1-hour candlesticks | Source: tradingview

ETHUSD 1-hour candlesticks | Source: tradingview

In the one-hour time frame, the trendlines stretch from $198.38 to $207.77 [uptrend] and $219.5 to $210.31 [downtrend]. A trend breakout might occur soon as the price concentration has reached a considerable amount.

The Parabolic SAR dots are aligned below the candlesticks. Therefore, the indicator is suggestive of a bullish market.

The MACD is showing a bullish depiction for the ETH market. The reading line has made a bullish crossover by the signal and is currently predictive of a positive price trend.

The Awesome Oscillator is also flashing green at the cryptocurrency, indicative of an uptrend in the Ethereum market.

1-day:

ETHUSD 1-day candlesticks | Source: tradingview

ETHUSD 1-day candlesticks | Source: tradingview

In this scenario, the downtrend extends from $465.49 to $218.97 and the uptrend ranges from $188.01 – $194.21. However, the possibility of a trend breakout is not visible as there is much space for the prices to fluctuate.

The Bollinger bands are running on a narrow path to depict low volatility in the Ethereum market. The price trend is to show the sideways movement according to the indicator.

The RSI has been taking an uphill walk for a while now. The indicator is still moving up to predict a healthy trend for the ETH market.

The Chaikin Money Flow is also moving above the 0-mark. The indicator is currently moving upwards to encourage a bullish trend.

Conclusion

In the technical analysis, all of the above indicators are predicting an uptrend for the market. The Bollinger bands are suspecting low volatility, tuning down the severity of the bullish nature of Ethereum.





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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.

News

TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?

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TRON & XRP: Market oscillation subsides as resolute bulls takeover; rationality over rewards?
Source: Unsplash

A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.

Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.

The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.

Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.

TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.

Source: Trading View

XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.

Source: Trading View

Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,





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