Crypto

Ethereum [ETH/USD] Technical Analysis: Bears snatch bulls’ momentary victory

Ethereum gave up its second spot for a brief period of time during the XRP rally on November 6 and moved to spot three, but has since made it back to the second position. The Devcon has shed some light on long-standing problems that Ethereum has been facing and Viatlik Buterin has suggested a few alternatives and updates that are coming up in the near future to address those issues.

1-hour

Source: Trading View

Ethereum, like other altcoins, has started their rally to the top. An uptrend is visible as a result, which spreads over the price range starting from $192.68 to $198.11 and up until $212.01. A small downtrend is visible in the price range of $219.53 to $217.44. The support set at $212.83 was breached at 3:00 UTC on November 8. Subsequent supports are at the price points $206, $198.05 and $192.68. There is one resistance that is holding steady at $220.35.

The Parabolic SAR markers are above the price candles, indicating a bearish presence in the market.

The MACD indicator is showing bearish signs as well, as the MACD and the signal line have both taken a nose dive to the bottom after a bearish crossover.

The Awesome Oscillator is teaming up with the SAR and MACD, indicating a bearish run with red spikes developing below the zero line. This is an indication of market momentum decreasing.

1-day

Source: Trading View

There is a significant downtrend spread in the range $593.40 to $218.65, with no prominent uptrend in sight. The prices are holding steady at the support line $182.79. The prices have to cross the first resistance line at $247.76 for a trend reversal, after which there are two more resistance lines at $317.54 and $499.01.

The RSI indicator has failed to cross the 60 line, indicating that the sellers took over midway and are dominating, which is an overall bearish trend.

The RVGI indicator, on the other hand, has seen a bullish crossover and is rising up, indicating bullish pressure.

Conclusion

The one-hour timeframe shows a bearish trend for Ethereum. The one-day chart shows mixed signals as the RSI indicates bearish and RVGI indicates otherwise.


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