Ethereum [ETH/USD] Price Analysis: Bulls dominate the market even as the bear lingers

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The cryptocurrency market has slowed down after a bull run swept through it this past week. Ethereum [ETH] was one of the cryptocurrencies to gain from this bull market too.

According to CoinMarketCap, at press time, Ethereum [ETH] was trading at $147.36 with a market cap of $15.46 billion. The coin recorded a trading volume of $3.56 billion and witnessed a surge of over 19% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

In the one-hour chart, the cryptocurrency demonstrated a downtrend from $148.62 to $147.13. The coin also showed a sharp uptrend from $123.45 to $145.38. The resistance points for the cryptocurrency were seen at $147.20 and $148.65. The coin had immediate support at $142.14 and strong support at $123.39.

The MACD indicator suggests that the coin is currently in the bear’s side of the market as the moving average line has placed itself below the signal line, after the bearish crossover.

Bollinger Bands forecast a less volatile market as the mouth of the bands is seen to be converging and closing up.

RSI indicates that the buying pressure for the cryptocurrency was evened out by its selling pressure.

1-day:

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

In the one-day chart, the downtrends for the cryptocurrency are outlined from $247.76 to $218.66 and $218.66 to $147.66. On the other hand, the uptrends were recorded from $83.74 to $103.21 and further, from $121.55 to $144.19. The immediate resistance for the coin was at $147.27, with a strong resistance at $156.02. The coin had immediate support at $147.27 and strong support at $82.74.

Parabolic SAR indicates a bullish wave for the cryptocurrency as the markers can be found below the candlesticks.

Chaikin Money Flow also indicates a bullish forecast as money is flowing into the market, supporting the coin in the long run.

Klinger Oscillator agrees with the other two indicators as a crossover is pushing the reading line to go north.

Conclusion

The bear continues to linger in the market and managed to gain the preference of MACD from the one-hour chart. Nonetheless, the bull still has a strong foothold over the market with Parabolic SAR, CMF, and Klinger Oscillator on its side.


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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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