Ethereum [ETH/USD] Price analysis: bulls dominate the market even as the bear leans over

The cryptocurrency market slowed after a dizzying run last week. Ethereum [ETH] This is one of the crypto-currencies to gain from this bull market.

According to CoinMarketCap, at the time of going to press, Ethereum [ETH] was trading at $ 147.36 with a market capitalization of $ 15.46 billion. The coin recorded a trading volume of $ 3.56 billion and an increase of more than 19% over the past seven days.

1 hour

Ethereum hourly price chart | Source: TradingView

In the one hour chart, cryptocurrency has shown a downward trend from $ 148.62 to $ 147.13. The coin also showed a strong upward trend from $ 123.45 to $ 145.38. Resistance points for cryptocurrency were seen at $ 147.20 and $ 148.65. The room had immediate support of $ 142.14 and a substantial support of $ 123.39.

the MACD The indicator suggests that the coin is currently on the bear market side as the moving average line has fallen below the signal line after the bearish cross.

Bollinger Groups predict a less volatile market, as the mouths of the bands converge and close.

RSI indicates that the pressure of buying cryptocurrency has been offset by its selling pressure.

One day:

Ethereum Day Price Table | Source: TradingView

In the one-day chart, downtrends for cryptocurrency are reported from $ 247.76 to $ 218.66 and from $ 218.66 to $ 147.66. On the other hand, upward trends were recorded, rising from $ 83.74 to $ 103.21, and from $ 121.55 to $ 144.19. Immediate resistance for the coin was $ 147.27, with strong resistance at $ 156.02. The room had immediate support of 147.27 dollars and a substantial support of 82.74 dollars.

Parabolic SAR indicates a bullish wave for cryptocurrency since the markers are under the candlesticks.

Chaikin flow also indicates a bullish forecast as money flows into the market, which will support the coin in the long run.

Klinger Oscillator agrees with the other two indicators as a crossing pushes the reading line to go north.

Conclusion

The bear continues to linger on the market and has managed to get the MACD's preference of the one hour chart. Nevertheless, the bull still has a strong hold on the market with Parabolic SAR, CMF and Klinger Oscillator.

Follow us on Telegram | Twitter | Facebook

Priya is a full time member of the AMBCrypto reporting team. She is major in finance and has one year of writing experience. It has not held any value in Bitcoin or other currencies.