Ethereum's bulls halted by notorious bears as trend reversal takes place  - AMBCrypto
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Ethereum’s bulls halted by notorious bears as trend reversal takes place 

Namrata Shukla

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Source: Pixabay


Ethereum [ETH] had a rough September as the price of the coin fell by over13% on September 24. This fall devalued the price of the coin to $163.19 from $189.79 within an hour. ETH has been making recovery attempts since and has managed to raise its value by 6.46% in October. The current price of the coin stands at $182.50 with a market cap of $19.74 billion and a 24-hour trading volume of $8.16 billion.

Source: CoinStats

Source: CoinStats

1-hour 

Source: ETH/USD TradingView

Source: ETH/USD TradingView

Resistance: 184.18

Support: 159.30

Bollinger Bands indicated high volatility in the ETH market as the bands diverged. The moving average was under the candlesticks, reflecting a bullish market.

Awesome Oscillator suggested a rising bearish momentum.

Chaikin Money Flow dipped under 0, indicating money flowing out of the market, making it bearish.

1-day 

Source: ETH/USD TradingView

Source: ETH/USD TradingView

Resistance: 334.78

Support: 148.10

Parabolic SAR pointed at a bearish market as the markers aligned under the candlesticks.

MACD line took over the signal line in a recent crossover, reversing the bearish trend to a bullish one.

Relative Strength Index indicated that the buying and selling pressures have evened.

Conclusion 

According to the hourly and daily chart of Ethereum, a bearish trend looks more prevalent as indicated by Awesome Oscillator, Chaikin Money Flow, Parabolic SAR, and MACD.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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.