Ethereum [ETH/USD] Price Analysis: Green markets in the offing as coin finds bullish support
The day began with Ethereum [ETH], the second largest cryptocurrency by market cap, sparking a little bit of red and a little bit of green. Despite the constant appearance of the bear in the coin’s realm, the bull continues to have a grip over the coin’s future.
According to CoinMarketCap, at press time, Ethereum was trading at $123.07 with a market cap of $12.9 billion. The coin has a trading volume of $3.42 billion and has witnessed a rise of over 16% in the past seven days.
Ethereum one-hour price chart | Source: Trading View
The downtrend for the cryptocurrency in the one-hour chart is outlined from $123.93 to $123.18 and further down till $122.80. On the other hand, the uptrend for the coin is pictured from $103.27 to $120.66. The resistance levels for the coin are set at $122.81 and $123.96. The coin’s immediate support is at $119.78 and the main support is at $103.08.
Klinger Oscillator is currently forecasting a bearish market as the signal line and the reading line had a crossover in the market with reading line deciding to take the direction pointing south.
Bollinger Bands are forecasting a less volatile market for the currency as the bands are pictured contracting and moving close to each other.
RSI continues to show that the buying pressure is evened out by the selling pressure in the market for this cryptocurrency.
Ethereum one-day price chart | Source: Trading View
In the one-day chart, the downtrend is demonstrated from $317.55 to $123.93. The coin’s uptrend is recorded from $83.74 to $103.22. The immediate resistance for the coin is pictured at $123.99 and there is also strong resistance at $156.02. On the other hand, the cryptocurrency has set its immediate support at $103.20 and its strong support at $82.92.
MACD has pictured the moving average line above the signal line after a crossover, paving path for a bull run to take place.
Chaikin Money Flow is seen making a leap towards the bull’s market as the line is pictured making an effort to cross over the zero line.
Parabolic SAR is forecasting a green market for the coin in the long-run as the dots have aligned below the candlesticks.
Despite the short bearish weather, the market is still indicating a bullish market for the coin in the coming days. This is because of the support of the long term indicators, MACD and Parabolic SAR from the one-day chart.
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