Ethereum remains bearish but on the verge of a bullish break - AMBCrypto
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Ethereum

Ethereum remains bearish but on the verge of a bullish break

Biraajmaan Tamuly

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Source: Pixabay

The largest altcoin, Ethereum was trading at $176.67 with a total market cap of over $18 billion at press time. The cryptocurrency had a trade volume of $7.44 billion in the last 24 hours, and did not record a significant rise or fall.

Source: CoinStats

1-Hour price chart

Source: ETH/USD at Trading View

Resistanc 1: $192.68

Resistance 2: $184.32

Resistance 3: $177.65

Support 1: $173.30

The Bollinger band indicator shows high price volatility as indicators were diverging in the chart.

The RSI indicator indicated that the token was close to being over-sold in the current trend.

The MACD indicator remained under the signal line suggesting minor bearish sentiment.

1-Day Chart

Source: ETH/USD at TradingView

Resistance 1: $266.16

Resistance 2: $221.11

Resistance 3: $182.32

Support 1: $131.93

The Parabolic SAR indicator showed that the marker was under the candles, indicating a bullin run for Ethereum.

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

The Chaikin Money Flow or CMF indicated that the capital flowing in was higher than capital flowing out

Conclusion

The Ethereum price analysis of 1-hour and 1-day show bearish sentiment was high for the short term chart but exhibited a trend reversal on the long-term period.

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.