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Analysis

Ethereum price analysis: Bears have upper hand as selling pressure on rise

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Source: Pixabay

The largest altcoin, Ethereum was trading at $167.56 with a total market cap of over $18 billion at press time. The cryptocurrency had a trade volume of $5.2 billion in the last 24 hours, and did not record a significant rise or fall.

Source: Coinstats

1-Hour price chart

Source: Trading View

In the one-hour price chart, Ethereum is forming support at $163.56, while the immediate resistance is at $172.94. Ethereum showed a downward trend from $199.7 to $169.65

The Bollinger band indicator shows high price volatility between 24th and 25th September but slowly towards the end of the 25th, the gaps were closing in.

The RSI indicator indicated that the coin was in the oversold zone from 23rd to 25th September, however from 25th September it’s been in the neutral zone.

The MACD indicator remained above the signal line starting on 25th September, suggesting minor bullish sentiment.

Source: Trading View

In the one-day price chart, the support was forming at $163.72, while the resistance price required for breakthrough stood at $199.82. Ethereum also saw a downward trend from $230.24 to $215.03.

The Parabolic SAR indicator showed that the marker was above the candles since starting on 23rd September, a indicating bearish market for the cryptocurrency.

The Awesome Oscillator remained above the zero lines since 16th September suggesting short-term momentum rising faster than long-term momentum

The Chaikin Money Flow or CMF indicated a value of 0.07, suggesting the selling pressure has been higher since 13th September.

Conclusion

The Ethereum price analysis of 1-hour and 1-day show bearish sentiment is high while the selling pressure is getting higher.

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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.

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