Crypto

Ethereum [ETH/USD] Price Analysis: Bear a step ahead of the bull

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.

1-hour

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.

1-day

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.

Conclusion:

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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