Ethereum's fails to duck out of bear's grip - AMBCrypto
Connect with us

Ethereum

Ethereum’s fails to duck out of bear’s grip

Biraajmaan Tamuly

Published

on

Altcoins post recovery gains in the last 24 hours after pullback
Source: Pixabay

Ethereum [ETH], the second largest cryptocurrency by market cap was priced at $178.85. The virtual asset dropped by 1.69% in the last 24-hours. With the market cap of $19.25 billion, the digital asset recorded $6.09 billion as the 24-hour volume. Most of the volume was generated over CoinEgg exchange via trading pair, LTC/ETH.

1-hour chart

In the one-hour chart, ETH formed support at $177.87 and $168.51. The digital asset faced resistance at $183.48. ETH recorded a sharp downtrend from $193.22 to $183.17.

Source: TradingView

Source: TradingView

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

The MACD line crossed below the signal line, pointing towards a bearish outbreak.

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

1-day chart

ETH faced resistance at $336.44 as support line stood at $168.51. The coin faced an uptrend from $157.66 to $335.65. The coin also witnessed a downtrend from $312.50 that extended to $179.378.

Source: TradingView

Source: TradingView

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 overbought.

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.

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.