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Ethereum [ETH/USD] Technical Analysis: Unmoving market offers no help to cryptocurrency in the bear’s clutches

Akash Anand



Source: Unsplash

The cryptocurrency market has seen a price movement punctuated by bearish and bullish trends over the past few days. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP have all struggled to break their resistances with investors and HODLers still hopeful for a rapid upsurge. Ethereum has been in the news with technology bigwigs and economists commenting on the pros and cons of the network.

1 hour:

The trend lines for Ethereum [ETH] indicate a downward trend with the cryptocurrency clearly unable to break its resistance. ETH was holding its support at $197.23, which was established on 19th October while the resistance is at $205.08.

The Bollinger bands show Ethereum at the end of an outbreak with both the upper Bollinger band and the lower Bollinger band converging, a sign of a bearish trend. All the candles are contained within the Bollinger cloud with just one bearish candle breaking out of it. Ethereum’s chart is reflective of the entire cryptocurrency market as a whole, shown by multiple smaller outbreaks over the past few hours.

Ethereum’s RSI chart indicates the cryptocurrency tending towards the oversold zone, which is a result of the increase in selling pressure over buying pressure. Comparative analysis of Ethereum over the past few days show a change in ETH’s price behavior which was majorly skewed towards the overbought zone.

1 day:

The Parabolic SAR shows a predominantly bearish run with sporadic bullish spikes. The markers go in tandem with the candles as well as the MACD graph.

The MACD graph comprises of the signal line and the MACD line crossing over multiple time over the past few days. The last crossover between the two lines paint a picture of Ethereum on a slight bullish run.


The majority number of indicators put Ethereum [ETH] on the bear’s path. The MACD graph, on the other hand, is the only indicator of the analysis that points to a bullish spike.

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Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly



Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.

However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.

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