Ethereum [ETH/USD] Price Analysis: Coin sees trend reversal as bull returns to market

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Ethereum [ETH], the second largest cryptocurrency by market cap, was seen glowing green on 21 March. This time around, the cryptocurrency was not the only coin pictured with the bull, as several other major coins joined in.

According to CoinMarketCap, Ethereum was trading at $140.34 with a market cap of $14.78 billion, at press time. The cryptocurrency had a trading volume of $4.7 billion, and witnessed a significant rise of over 5 percent over the past seven days.

1-hour

Ethereum [ETH] one-hour price chart | Source: TradingView

On the one-day price chart, the downtrends for the cryptocurrency were recorded from $142.52 to $140.19, and further south till $138.92. The uptrend for the cryptocurrency was outlined from $131.40 to $135.55, and further north till $138.27.

The immediate resistance for the cryptocurrency was at $138.93, and strong resistance was at $140.21. The immediate support, on the contrary, was placed at $135.54, and strong support was at $132.29.

Bollinger Bands showed that the coin was moving towards a volatile market, as the bands were diverging in order to make room for more price movements.

MACD forecast a strong bullish weather for the cryptocurrency, as the moving average line deceived the signal line to move upwards.

RSI indicated that the buying pressure for the coin was equally met with the selling pressure, showing a nearly stabilized market.

1-day

Ethereum [ETH] one-day price chart | Source: Trading View

Ethereum [ETH] one-day price chart | Source: TradingView

The downtrends for the cryptocurrency were demonstrated from $247.76 to $157.56, and from $157.55 to $138.73. The uptrends for the coin were displayed from $83.74 to $103.21, and from $103.22 to $131.40.

The coin’s immediate resistance in the long-run was at $140.56, and strong resistance was at $157.62. The immediate support for the cryptocurrency found its resting ground at $125.11, and strong support was at $82.85.

Parabolic SAR pictured the cryptocurrency rejoicing in a bullish market, as the dotted lines were below the signal line.

Klinger Oscillator showed that the bear was closing in on the coin as the reading line was below the signal line.

Chaikin Money Flow showed money flowing into the market as the line was above the zero-mark, forecasting a strong bullish presence.

Conclusion

The coin joined the rest of the cryptocurrencies in greeting the bull. This move was supported by CMF and Parabolic SAR from the one-day chart, and MACD from the one-hour chart.


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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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