Ethereum [ETH/USD] Price Analysis: Bear a step ahead of the bullFebruary 8, 2019
The bull and the bear seem to have taken a short break as the market has not recorded a drastic change for quite some time now. Even the top currencies in the market have calmed down, almost showing a sideways movement.
According to CoinMarketCap, at press time, Ethereum was trading at $105.27, with a market cap of $11.02 billion. The trading volume of the cryptocurrency in the market is noted to be $2.31 billion and the coin has not recorded any major price swings in the past seven days.
Ethereum one-hour price chart | Source: Trading View
In the one-hour chart, the cryptocurrency has two notable downtrends, from $109.30 to $104.66, and $104.62 to $103.85. The coin has outlined its uptrend from $101.30 to $102.63. The immediate resistance for the currency is pictured at $104.66 and the strong resistance is at $106.48. The support points for the coins are at $102.63 and $101.29.
Despite the constant bearish wave, Klinger Oscillator is quite optimistic as it is forecasting a bullish trend. This is evidenced as the reading line is above the signal line after the two had a crossover.
Bollinger Bands, on the other hand, is showing a less volatile market as the bands are pictured close to each other, making less room for price movements.
Parabolic SAR is forecasting a bearish wave as the dots are aligned above the candlesticks, pushing the coin further down in the bear’s realm.
Ethereum one-day price chart | Source: Trading View
The downtrend for the coin in the one-day chart is outlined from $317.55 to $155.91, and is seen going further down to find a resting ground at $106.02. The uptrend for the coin is from $83.74 to $103.36. The coin’s resistance levels are pictured at $128.49 and $156.11. However, its strong foothold can be seen at $82.69.
MACD is showing currently showing a bearish move. However, at the time of press, the moving average line and the signal line were at the point of a crossover.
Chaikin Money Flow is showing that money is flowing out of the market as the line is pictured below the zero-mark, forecasting the strong holding of the bear over the coin.
RSI shows that the buying pressure and the selling pressure for the cryptocurrency are evened out by each other.
Despite the lack of price action in the market, the bear is currently one-step ahead of the bull. It has managed to gain the support of Parabolic SAR from the one-hour chart, MACD, and CMF from the one-day chart.
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