Ethereum [ETH] Technical Analysis: Bears lead in the market race

Fibo Quantum

The cryptocurrency market has been spiking all week, leading to some major changes in the standing of many coins like Bitcoin Cash [BCH], EOS, and many others. However, Ethereum [ETH] has spiked by 28.68% in the past seven days, maintaining its third position on the top-10 cryptocurrency list.

At the time of press, the coin was valued at $108, with a market cap of $11 billion, according to CoinMarketCap. The coin registered a 24-hour trade volume of $2 billion, with a 5.13% slip. Even though the market flourished over the week, it seems to come back to new normalcy with a slow and gradual fall. The coin registered a fall of 0.10% over the past hour, at the time of press.

1-hour

Source: Trading View

As per the one-hour chart, the coin registered a downtrend from $117.75 to $115.67 which further fell to $107.27. A significant uptrend was reported from $86.01 to $115.50. The coin registered a resistance at $117.75, with strong support at $106.03.

Awesome Oscillator predicts a bullish market gaining momentum.

Relative Strength Index reflects that the buying and selling pressures are evening each other out.

MACD line is under the signal line indicating a bearish market.

1-day

Source: Trading View

Source: Trading View

As per the one-day chart, the coin registered a downtrend from $432.36 to $218.66, which further continued from $203.20 to $114.52. The coin did not register a significant uptrend. However, an immediate resistance was registered at $218.66, while a strong support was formed at $82.82.

Bollinger Bands appear to be at a converging point, indicating low volatility in the market. However, the moving average line was under the candles, marking a bearish market.

Parabolic SAR indicates a bullish market as the markers are under the candles.

Chaikin Money Flow is under the zero zone, indicating a bearish market.

Conclusion

According to the indicators Chaikin Money Flow [CMF] and MACD, the market is predicted to be bearish, while Parabolic SAR and Awesome Oscillator [AO] point towards a bullish market.