Ethereum fails to break away from bear's grip - AMBCrypto
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Ethereum fails to break away from bear’s grip

Biraajmaan Tamuly

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Source: Pixabay

Ethereum continued to receive a mauling at the hands of the bear as the coin devalued around 4.98 percent over the past hour. The coin was valued at $185.23 and the market cap was recorded to be around $20 billion.

1-hour chart

Source: Trading View

Resistance 1: $202.44

Resistance 2: $196.91

Support 1: $186.43

Support 2: $181.60

The short term chart of ETH experienced an uptrend which stretched its valuation from $188.03 to $201.13 and then its price fell from $199.73 to $182.77.

The Parabolic SAR remained bearish as the dotted markers remained above the candles.

The MACD line was below the signal line which suggested a bearish outbreak.

The Relative Strength Index or RSI remained close to the over-sold section after the RSI line remained under the 40-line marker.

1-day chart

Source: Trading View

Resistance 1: $335.28

Resistance 2: $274.68

Resistance 3: $233.47

Support 1: $181.11

Support 2: $151.80

The long term chart was bearish as the token had recently breached the long support of $181.11. An uptrend was exhibited from $264.79 to $335.19, after which the price plummeted from 306.24 to 232.51.

The Bollinger Bands appeared to be converging indicative of a decreased volatile period.

The Awesome Oscillator or AO had green bars appear at press time however, the bullish momentum was fairly weak.

The Chaikin Money Flow or CMF line remained above the zero-line suggesting dominant the in-flow capital of the virtual asset.

Conclusion

Ethereum’s short term and long term indicators continued to dwell into the bearish side of the market as the coin’s price kept on declining.

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.