Ethereum remains neutral as it maintains balance between bears and bulls - AMBCrypto
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Ethereum

Ethereum remains neutral as it maintains balance between bears and bulls

Biraajmaan Tamuly

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Source: Pixabay

The second-largest coin by market cap Ethereum was valued at $171.78 with a 0.52% rise in the last 24-hours. With the market cap of $18.48 billion, the 24-hour volume was $5.25 billion and most of it came from CoinEgg exchange via trading pair, LTC/ETH.

1-hour chart

In the one-hour price chart, ETH formed support at $169.64 and confronted resistance at $192.71 and $173.56. ETH recorded a sharp downtrend from $193.70 which extended to $172.35.

Source: Trading View

The Parabolic SAR indicator indicated a bullish market as the markers were aligned above the candlesticks.

The MACD indicator revealed a bearish trend as the signal line was below the MACD line.

Chaikin Money Flow pointed at a bullish trend as the marker is seen above the zero line.

1-day chart

In the one day chart, ETH faced resistance at $274.26 and $230.78, while support was seen at $152.17 and $117.06.  The coin witnessed an uptrend from $184.13 which extended to $362.58. Furthermore, a downtrend from $318.72 to $194.44 was noted.

Source: Trading View

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

Awesome Oscillator indicated a bearish market for a long time, but green lines were seen appearing further indicating the possibility of a bullish market.

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

Conclusion

Even though ETH indicated a bullish market in the short term chart, the long term chart indicated a bearish market as the price was progressively decreasing.

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.