Ethereum [ETH/USD] Technical Analysis: Bear has eyes set on the kill


Ethereum [ETH], the second-largest cryptocurrency in the world, has almost become a stable coin. At the moment, the coin is more stable than the top-10 stable coin, Tether [USDT].

At the time of writing, ETH was up by 0.01%, trading at $204.3 with a market cap of $21 billion. The total 24-hour trading volume is $1.18 billion.

1-hour:

XRPUSD 1-hour candlesticks | Source: tradingview

ETHUSD 1-hour candlesticks | Source: tradingview

In the one-hour candlesticks of Ether, the trendlines are stretching from $203.18 to $202.5 [downward] and from $199 to $201.5 [upward]. The downtrend is acting as a strong support to the price. However, a convergence between the two lines is not visible as of now, eliminating the possibility of a trend breakout.

The Awesome Oscillator is flashing red at the moment, advocating a negative price movement prediction in the ETH market.

The Bollinger Bands are depicting decreased volatility in the approaching times. At present, the bands are slightly closing, preparing a narrow path for the price to travel.

The Chaikin Money Flow was extremely bullish on the cryptocurrency, but began to crash a while back. However, the indicator has not yet entered the area below the 0-mark.

1-day:

ETHUSD 1-day candlesticks | Source: tradingview

ETHUSD 1-day candlesticks | Source: tradingview

In the timeline, the downtrend is ranging from $456.9 to $202.4 while the uptrend is moving from $182.7 to $188.2. The resistance line is forming a descending triangle with the support line.

The Parabolic SAR is bearish on the market. The dots are aligned above the candlesticks, pushing the prices down.

The MACD has made a bullish crossover, but is moving sideways to predict a neutral stance.

The RSI is also in the bearish zone at present. However, it has refused to comment on the future price trend for the coin and is moving in a straight path.

Conclusion

The technical analysis has forecast a bearish future market for Ethereum as all the indicators are propagating a negative prediction for the token. However, the drop in the price trend is not expected to be extreme as the Bollinger Bands have predicted a less volatile market for ETH.


Follow us on Telegram | Twitter | Facebook




Priyamvada Singh


Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.






Source link

Related Posts

Add Comment