Ethereum looks to rise in the short term amid high selling pressure - AMBCrypto
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Ethereum looks to rise in the short term amid high selling pressure

Aakash Athawasya

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Source: Pixabay

Ethereum was trading at $185.40 with a total market cap of over $20 billion and has seen a climb of 0.38% on the 24-hour price chart. The second-largest altcoin has seen only its second death cross since its inception and bears have been on the dominant side for the majority of the year.

Source: CoinStats

1-Hour Price Chart

Source: ETH/USD on TradingView

Onn the one-hour price chart, Ethereum is forming support at $179.14 while the immediate resistance is at $186.61. Ethereum was showing an uptrend from $186.44 to $187.77.

The Bollinger band indicator shows high price volatility on 11th October, but since then there has been quite a decline in the volatility of the altcoin.

The RSI indicator indicated that the buying pressure has been quite high from the last two days while sellers took an upper hand for a brief period on 13th October.

The MACD line went under a bullish cross over with the signal line today and since then the market has looked bullish.

1-Day Price Chart

Source: ETH/USD on TradingView

On the one-day price chart, the support is forming at $163.46, while the resistance price that Ethreum needs to break through stands at $197.00. Ethereum is also seeing a downward trend starting from $225.68 to $197.22.

The prices remained above the Parabolic SAR indicator acting as a support, which suggested the market looked bullish.

The Awesome Oscillator showed that it remained below the zero lines since the last week of September suggested short term momentum is falling faster than the long term.

The Chaikin Money Flow or CMF showed that the selling pressure has been higher since 30th July which eased up in August and rose back in September again continuing a similar trend in October as well.

Conclusion

The Ethereum price analysis of 1-hour and 1-day show bullish sentiment was high in the short term while the selling pressure is getting higher.

Aakash is a full-time cryptocurrency journalist at AMBCrypto covering primarily the US market. A graduate in Finance and Economics, his writing is centered around regulation and institutional investment within the cryptocurrency space. He is also an aspiring triathlete.