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Ethereum [ETH/USD] Price Analysis: Coin strangled by the bear as it fails to escape to the bull’s side


Ethereum [ETH], the second largest cryptocurrency, continues to be stuck in the bear’s grip, with the red candlesticks overpowering the green. According to CoinMarketCap, at press time, the coin was trading at $133.15 with a market cap of $13.99 billion. It also recorded a trading volume of $3.33 billion and a slump of over 4% in its value over the past seven days.

1-hour

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Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency recorded multiple downtrend, from $140.53 to $139.15, from $139.14 to $136.71, and from $136.71 to $133.37. The uptrend, on the other hand, was outlined from $128.93 to $130.58.

The coin would have to first surpass the immediate resistance, which was set at $133.80, in order to get to the strong resistance, which was placed at $136.71. The coin’s main support system was pictured at $128.89.

Bollinger bands showed that there was still a certain degree of volatility for the currency as the bands were pictured away from each other.

Parabolic SAR showed that the dotted lines were above the candlesticks, persuading the coin to stay back with the bear.

Chaikin Money Flow was clearly on the bear’s side of the market as the money for the cryptocurrency was flowing out of the market.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The downtrends for the cryptocurrency in the one-day chart were demonstrated from $247.76 to $157.56 and from $157.55 to $134.71. The uptrends were seen from $83.74 to $103.22 and from $103.22 to $133.32.

The resistance levels were recorded at $157.69 and $218.76. The immediate resting ground for the coin was at $103.05 and the main ground was at $82.80

MACD was predicting a bearish weather as the histogram’s was covered in red. To add on, even the moving average line was seen moving south to reside with the winter animal after it had a crossover with the signal line.

Klinger Oscillator was also forecasting a bearish market as the reading line was placed well-below the signal line, right after the two had a brief met in the market.

RSI showed that the buying pressure for the cryptocurrency was evenly met with the selling pressure.

Conclusion

The bull race seem to have been only for a short-duration as the coin is devoured by the bear once again. More so, indicators such as MACD and Klinger Oscillator from the one-day chart, and Parabolic SAR and CMF from the one-hour chart, are forecasting a strong bearish presence.


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