Ethereum reaches an impasse and bulls and bears tussle to establish dominance - AMBCrypto
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Ethereum

Ethereum reaches an impasse and bulls and bears tussle to establish dominance

Biraajmaan Tamuly

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Source: Pixabay

Ethereum [ETH], the second-largest cryptocurrency by market cap was priced at $160.54. The virtual asset dropped by 1.69% in the last 24-hours. With the market cap of $17.25 billion, the digital asset recorded $5.6 billion as the 24-hour volume. Most of the volume was generated over CoinEgg exchange via trading pair, LTC/ETH.

1-hour chart

ETH/USD at Trading View

Resistance 1: $175.34

Resistance 2: $162.72

Support 1: $156.93

Parabolic SAR indicated bullish traits as the dotted markers were present above the candles.

The MACD line crossed above the signal line, pointing towards a bullish outbreak.

Chaikin Money Flow line was positioned at 0.05. As it remained above the zero-line, it pointed out that a higher amount of capital was flowing into the market.

1-day chart

ETH/USD at Trading View

Resistance 1: $272.26

Resistance 2: $224.44

Support 1: $156.93

The Bollinger Bands were squeezed, depicting reduced volatility in the market.

Awesome Oscillator indicated a bearish setting opportunity as long-term momentum was greater than the short-term momentum. The appearance of green lines further indicated the possibility of a bullish market.

The RSI indicator indicated that ETH is very close to being oversold.

Conclusion

Despite the fact that ETH showed good signs of growth in the market, the long-term graph demonstrated a bearish market as the price was diminishing.

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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