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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.

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