Days after a price rush, a portion of the cryptocurrency market seems to have calmed down. This includes Ethereum [ETH], the second largest cryptocurrency by market cap.
According to CoinMarketCap, at press time, the coin was trading at $139.35 with a market cap of $14.67 billion. The trading volume of the cryptocurrency was $4.37 billion and the coin recorded a significant rise of over 4% over the past week.
The downtrends for the cryptocurrency on the one-hour chart were outlined from $142.52 to $140.19, and from $140.19 to $138.15. The uptrends for the cryptocurrency was recorded from $131.23 to $136.54.
The coin’s immediate resistances were at $138.15 and $140.20. A strong resistance found its stronghold at $142.54. The immediate support for the cryptocurrency was at $136.10 and the strong support was at $135.08.
MACD showed the moving average line below the signal line after a crossover and indicated a blood-red market for the cryptocurrency.
Bollinger Band predicted a less volatile market as the bands were closing on each other, giving little space for price movement.
Chaikin Money Flow indicated a win for the bear as the line was below the zero-line, indicating that money was flowing out of the market.
On the one-day chart, the downtrends for the cryptocurrency were traced from $218.66 to $157.56 and from $157.55 to $140.49. The uptrends for the coin were spotted from $82.82 to $103.22 and from $103.22 to $131.40.
The immediate resistance of the cryptocurrency was pictured at $140.52 and the strong resistance was at $157.62. The immediate support was found at $125.05 and the strong support was at $82.70
Klinger Oscillator forecasted that the bear would win the war for market dominance as the reading line moved below the signal line after a crossover.
Parabolic SAR, on the contrary, showed a bullish market as the dotted lines were below the candlesticks.
RSI showed an even buying pressure and selling pressure for the cryptocurrency.
The coin showed that Klinger Oscillator from the one-day chart, and MACD, and CMF from the one-hour chart, were cheering for the bear’s win. However, Parabolic SAR from the one-day chart stood by the bull.
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Original Post: Ethereum [ETH/USD] Price Analysis: Coin cheers for bear as bulls accept defeat