Ethereum [ETH] Technical Analysis: Short-term relief imminent as long-haul still in limbo
Ethereum [ETH], the third largest cryptocurrency, has been trying hard to fight the bear in the past few weeks, and it seems to have a little control over it. The cryptocurrency has seen a minimal growth of 0.81% in the past seven days.
According to CoinMarketCap, the coin was valued at $86.56 with a market cap of $8 billion. The coin reported a 24-hour trade volume of $1 billion and had plunged by 3.92% within 24 hours, at the time of press. The coin noted a growth of 0.54% over the past one hour.
Source: Trading view
According to the 1-hour chart, the coin reported two visible downtrends; one from $96.89 to $89.94 and second, from $89.20 to $85.40. An uptrend was observed from $85.99 to $87.76. The coin faced an immediate resistance at $86.09, while a strong support was provided at $84.22.
Awesome Oscillator indicates a bullish trend gaining momentum.
Chaikin Money Flow, on the other hand, showcases a bearish trend but might take a turn towards a bullish one, as the line seems to travel upwards and cross zero.
Relative Strength Index highlights that the buying and selling pressure are evening each other out.
Source: Trading view
The one-day chart shows a downtrend from $457.30 to $211.22, which continued further to $89.02. The coin did not show a significant uptrend. The coin registered an immediate resistance at $121.95 and a strong support at $85.16.
Bollinger Bands indicates a bearish market as the moving average line appears to be above the candle. The bands appear to be at a converging point but may diverge as per the previous trends.
Parabolic SAR notes a bearish market, as the markers are above the candles.
MACD line is under the signal line right after a crossover, indicating a bearish market.
As per the CMF and Awesome Oscillator, the market appears to be bullish but other indicators like Bollinger Bands and MACD, point towards a bearish trend.
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