After a massive downward swing, the cryptocurrency market is making an effort to regain its lost power. Some coins have already recovered from the bear’s attack as they are adorned in green, while others struggle.
According to CoinMarketCap, at press time, Ethereum [ETH], the second largest cryptocurrency by market cap was trading at $137.47. The market cap for the cryptocurrency was $14.43 billion with a trading volume of $4.62 billion. The cryptocurrency has seen a significant loss of over 6% in the past seven days.
The downtrend for the cryptocurrency on the one-hour chart is from $167.79 to $136.27. The uptrend for the coin is from $128.93 to $135.83. The immediate resistance for the cryptocurrency is at $139.20 and the strong resistance is at $164.24. The support grounds for the coin are at $128.91 and $119.37.
MACD is forecasting a bullish wave as the moving average line is above the signal line, after a crossover. To add more support, the histogram of the indicator is also covered in green.
Chaikin Money Flow is also showing a bullish market for the cryptocurrency as money is flowing into the market.
Parabolic SAR is also predicting a bullish market as the dots are aligned below the candlesticks.
On the one-day chart, the downtrends for the cryptocurrency are recorded from $247.76 to $218.66 and from $218.66 to $157.55. The uptrend for the coin is from $83.74 to $103.22 and further south till $131.88. The immediate resistance of the coin is at $157.73 and the strong resistance is at $218.73. The immediate support of the cryptocurrency is at $131.72 and the strong support is at $82.87.
Bollinger Bands are forecasting a volatile market for the coin, at press time, as the bands are staying away from each other. However, they are also making an effort to get closer.
Klinger Oscillator is still stuck in the bear’s market after its attack as the reading line is under the signal line after a crossover.
RSI shows that the buying and selling pressures are in equilibrium.
The coin has started its voyage to the bull’s territory as it is currently supported by MACD, Chaikin Money Flow, and Parabolic SAR from the one-hour chart.
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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.