Ethereum Price Analysis: ETH stands in Bearish land as price continues to do down - AMBCrypto
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Ethereum Price Analysis: ETH stands in Bearish land as price continues to do down

Biraajmaan Tamuly

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Source: Pixabay

Ethereum ranked second with a market cap of around $22 billion and was valued at $208 at press time.

1-Hour

Source: Trading View

On the one-hour chart, a downtrend from $230.46 to $208.79 was noted. The coin recorded an uptrend from $221.34 which extended to $235.29. ETH faced resistance at $223.49 and $235.32, while support is seen at $215.58.

Bollinger Bands were diverging, resulting in reduced volatility in the market.

Chaikin Money Flow pointed at a bearish trend as the marker is seen above the zero lines.

MACD line was below the signal line, indicating a bullish market for ETH.

1-Day

Source: Trading View

If the price of ETH continues to rise it will face resistance at $273.26 and $337.02. ETH saw an upward trend from $103.45 to $197.67 and a downtrend from $307.66 that extended to $232.83.

Parabolic SAR indicated a bearish market as the markers were aligned above the candlesticks.

Awesome Oscillator pictured a bearish selling opportunity.

MACD indicated a bullish trend, as the MACD line hovered over below the signal line.

Conclusion

The charts revealed that ETH showed a bearish trend as per the indicators.

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.