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Ethereum [ETH] Technical Analysis: The cryptocurrency is still pining for a bull run



The volatility in the crypto market has begun as most of the coins are thriving to gain momentum in the past 24-hours. The downfall of Ethereum [ETH] seems to continue for a longer period. The market capitalization gained by XRP appears to be a great barrier for ETH to gain its 2nd position back on the charts.

At the time of writing, Ethereum [ETH] is trading at $175.55 with a market cap of $18.13 billion. The 7-days statistics of ETH still shows a red signal with a 16.68% decline. The 1-day chart depicts an insignificant growth of 1.15%. The coin is being traded on various exchanges such as LBank, BitForex, Huobi etc., with the highest volume of 4.84% from OEX on ETH/BTC trading pairs.

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1 hour:

ETH 1 hour chart | Source: TradingView

ETH 1 hour chart | Source: TradingView

The 1-hour chart of ETH shows a downtrend extending from $210 to $178 and the resistance points fixed at $210.28 and $200.63. The uptrend in this time frame is from $172 – $174 – $176 with a recent support point set at $172.

The Bollinger Band is forming a narrow path indicating less volatility in the ETH market. It is also being noticed that a similar trend was followed by Bollinger Band on 14th November, which led to a negative price breakout.

The Awesome Oscillator has gradually started to form the green lines on the histogram. The indicator is trying to recover from the previous bear trend.

The Chaikin Money Flow depicts that there is less inflow of money in the ETH market as the indicator continues its journey below the zero line.

24 hours:

ETH 1 day chart | Source: TradingView

ETH 1 day chart | Source: TradingView

The 24 hours chart of ETH shows a downtrend ranging between $519 – $214 – $177 with a resistance set at $285. The support formed at $188 has been broken and the price continues its downward correction.

The MACD shows a bearish crossover with the moving average lines traveling below the signal line. The histogram is also forming negative bars depicting the beginning of a bearish trend.

In the Aroon indicator, the Aroon Up line has taken a bearish crossover and moving towards the 0 line showing that the bullish trend is exhausting. The Aroon Down line has touched the maximum point and is currently moving in the opposite direction.

The Relative Strength Indicator [RSI] has crossed the oversold line and moving back to the RSI region. According to the chart, it can be noticed that buying pressure has been overtaken by selling pressure in this timeframe.

Conclusion:

Considering the previous market trends of ETH and the signs of the indicators in the above-mentioned timeframes, there is a high chance of a persistent bearish zone.


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