The bear took control of the coin market last week and at press time, continued to have a firm grip on the coin. According to CoinMarketCap, at press time, Ethereum was trading at $128.16 with a market cap of $3.7 billion. The coin recorded a trading volume of $3.7 billion and saw a significant drop of over 7 percent in the past seven days.
On the one-hour chart, the cryptocurrency recorded downtrends from $139.14 to $136.71 and from $133.03 to $125.86. The uptrend for the coin was outlined from $124.02 to $124.87.
The coin’s first test point was placed at $133.79. If the coin successfully breached this mark, the next testing point would be $136.72. On the other hand, if the coin decided to descend, the coin had a strong support ground at $123.99 to prevent it from losing significant value.
RSI showed that the buying pressure was evenly met by the selling pressure.
Bollinger Bands indicated a less volatile market for the cryptocurrency as the bands were closing in on each other after a long time.
MACD was forecasting a bullish momentum as the moving average line surpassed the signal line after a brief encounter.
The one-day chart demonstrated a steep downtrend from $218.66 to $157.55 for the second largest cryptocurrency. The coin recorded two crucial uptrends; from $83.74 to $103.32 and from $103.33 to $125.24.
The immediate resistance for the coin was outlined at $157.65 and there was a strong resistance at $218.75. On the other hand, the immediate support for the cryptocurrency was at $103.11 and the strong support was at $82.78.
Despite the bull’s reappearance in the market, Chaikin Money Flow showed that the bear was in charge as money was flowing out of the market. Nevertheless, the indicator showed some optimism as it was seen making a leap upwards.
Parabolic SAR showed that the bull’s efforts were futile as the dotted lines were placed above the candlesticks.
Klinger Oscillator was also spotted agreeing with the other two as the reading line remained below the signal line after a crossover.
The one-hour chart projected bullish signs, with MACD forecasting its unwavering support for the bull and the RSI pulling itself out of the bear’s clutches. On the other hand, the one-day chart showed a bearish market for the coin.
Subscribe to AMBCrypto’s Newsletter