Categories: Ethereum

Ethereum [ETH/USD] Technical Analysis: Bear reclaims its control over the coin

Click here to view original web page at ambcrypto.com

Ethereum [ETH], the third-largest cryptocurrency by market cap, witnessed a massive drop in its value earlier today, along with all the other major cryptocurrencies. The bear’s return was unexpected by the investors, especially with the upcoming upgrade. Also, the coin lost its position to XRP in terms of market cap again within a fraction of minutes.

According to CoinMarketCap, at press time, Ethereum was trading at $128, with a market cap of $13.35 billion. The cryptocurrency has a trading volume of $2.55 billion and has plunged by over 19% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency pictures a steep downtrend from $149.21 to $126.89. The sharp uptrend is recorded from $113.48 to $122.52. The cryptocurrency will have to face the immediate resistance first, which is set at $128.63, in order to defeat the strong resistance, which is set at $150.75. The immediate support for the coin is at $122.50 and the strong support is at $113.57.

Parabolic SAR pictures a bullish trend as the dots have aligned below the candlesticks.

Chaikin Money Flow shows that the money is currently going out of the market as the line is below the zero mark, forecasting a bearish wave.

Bollinger Bands is forecasting a less volatile market as the bands are pictured contracting in the market, making less space for major price movements.

1-day

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $714 to $155.91 for the cryptocurrency. The uptrend is pictured from $83.74 to $125.83. The immediate resistance for the coin is set at $155.91 and the strong resistance is at $218. The cryptocurrency has immediate support at $114.37 and the strong support is set at $82.78.

Klinger Oscillator is forecasting the bear’s return as the reading line and signal line have recorded a crossover in the market, with the reading line going down south.

MACD pictures the bear’s presence as the moving average line is placed below the signal line after a crossover.

RSI shows that the buying pressure is currently evened out by the selling pressure for the cryptocurrency in the market.

Conclusion

The coin is forecasting a strong bear’s wave as majority of the indicators have started to support the winter animal. This includes Chaikin Money Flow from the one-hour chart, Klinger Oscillator, and MACD, from the one-day chart.

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Overstock Will Champion Crypto Despite Cheerleader Byrne’s Exit

Overstock will continue its crypto and blockchain-centric focus despite Patrick Byrne's exit. | Source: YouTube By CCN Markets : Online… Read More

5 hours ago

59-Year-Old Fjällräven Evolves Retail Landscape by Using Blockchain-Based Cryptocurrency for Back-to-School

BOULDER, Colo. (August 22, 2019) — As brands seek ways to engage new, digital-native communities, Fjällräven, the Swedish heritage outdoor… Read More

5 hours ago

Refining The Travel Industry Through Blockchain

If you have travelled before, then you are aware of the myriads of companies that would be involved in a… Read More

5 hours ago

NBA & Blockchain: glimpse of the future?

These days it seems companies quite enjoy adding “2.0” to the end of everything: Internet 2.0, web 2.0, etc. Well,… Read More

5 hours ago

CNBC Analyst Explains Why He is Bearish on Bitcoin

Share Tweet Send Share Earlier this week CNBC Fast Money host Brian Kelly said he is short-term bearish on Bitcoin… Read More

5 hours ago

New York Gym Grit Bxng Accepts BTC Payments

Who would have ever thought that working out and bitcoin could ever go together? Well, thanks to a new Manhattan-based… Read More

11 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More