Ethereum [ETH], the second largest cryptocurrency by market cap was recently in the headlines after multiple research reports corresponding to the coin emerged. One of these reports was by the TIE, which stated that the correlation between Ethereum and ERC20 was decreasing over the past few months.
According to CoinMarketCap, at press time, Ethereum was trading at $131.62 with a market cap of $13.84 billion. The coin had a trading volume of $4.55 billion and recorded a rise of over 2% in the past 24 hours.
On the one-hour chart, the downtrends for the cryptocurrency were outlined from $138.94 to $137.23 and $135.58 to $132.51. The coin’s uptrend was pictured from $124.88 to $129.28.
The immediate resistance for the cryptocurrency was at $132.56, while strong resistance was found at 138.95. The immediate support, on the contrary, was positioned at $124.82 and there was strong support at $123.99.
Parabolic SAR showed that the bear’s influence over the coin was growing, with the dotted markers forming above the candlesticks.
Chaikin Money Flow showed that money was flowing out of the market, a bearish sign.
Bollinger Bands showed that the market was still volatile as the bands were diverging from each other.
On the one-day chart, the downtrends for the coin were outlined from $218.66 to $157.56, and from $157.55 to $136.41. The uptrends for the cryptocurrency were pictured from $83.74 to $103.21, and from $103.22 to $125.24.
The immediate resistance for the coin was at $137.80 and there was strong resistance at $157.67. The immediate support was positioned at $125.16 and the strong support was at $82.76.
Klinger Oscillator showed that the coin was resting next to the bear as the reading line moved below after its encounter with the signal line.
The MACD line placed itself below the signal line after the two completed a crossover, painting the histogram red on its path down south.
RSI showed that the buying pressure for the coin was equally balanced out by the selling pressure.
The second largest cryptocurrency occupied the seat vacant next to the bear. This projection was backed by indicators such as the MACD and Klinger Oscillator on the one-day chart, and Parabolic SAR and CMF on the one-hour chart.