Ethereum [ETH/USD] Price Analysis: Coin takes a detour to the bear market on its way to the bull’s kingdom

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The whole market continues to march towards the bull’s market as a majority of the coins are covered in green for the long-term. However, even though its final resting place is likely to be in the bull’s kingdom, the coins seem to have taken a detour to the bear’s side of the market as they are showing signs of red for the short-term.

According to CoinMarketCap, at press time, Ethereum [ETH] was trading at $145.22 with a market cap of $15.23 billion. The coin had a trading volume of $4.6 billion and has also witnessed a surge of over 17% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

The coin shows an uptrend from $124.22 to $140.83 in the one-hour chart. The resistance points have been placed at $147.46 and $148.67. On the other hand, immediate support for the cryptocurrency is pictured at $135.34 and there is strong support at $123.12.

Parabolic SAR is forecasting a bearish market for the coin as the markers are pictured above the candlesticks, acting as a barricade to the coin’s movement towards the north.

Chaikin Money Flow is also seen agreeing with the Parabolic SAR as the indicator is showing that the money is flowing out of the market.

Bollinger Bands are forecasting a volatile market for the cryptocurrency as the bands are seen parting away from each other, making more space for massive price movements.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

In the one-day chart, the downtrend for the cryptocurrency is outlined from $247.76 to $218.66 and further down till $144.58. The uptrends for the coin are recorded from $83.74 to $103.21, and from $103.22 to $121.38. The coin’s immediate resistance is seen at $156.13 and there is also strong resistance at $218.82. The support points for the coin are at $103.05 and $82.68.

Klinger Oscillator is showing that the coin will eventually land in the bull’s market as the reading line is seen above the signal line after the crossover.

MACD is also on similar lines as the moving line and the signal line had a crossover, with the moving line deciding to take the direction pointing north. More so, the histogram of the indicator has also decided to cover itself in green, showing its support for the coin’s decision.

RSI is showing that the buying pressure for the cryptocurrency is more than the selling pressure as the indicator is currently in the overbought zone.

Conclusion

The market is forecasting bearish weather for the coin in the short-term and is supported by Parabolic SAR and Chaikin Money Flow from the one-hour chart. On the other hand, the final destination of the coin continues to be in the bull’s market as Klinger Oscillator and MACD from the one-day chart continue to show its support.


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Priya

Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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