Ethereum [ETH] Technical Analysis: Cryptocurrency rides the bull amidst bear threat

Fibo Quantum

The cryptocurrency market appears to be wounded, as it continues to bleed. The third largest cryptocurrency on the CoinMarketCap list, Ethereum [ETH] slipped by a little on December 25 but is seen to be growing ever since. The coin registered a growth of 4.58% over the past day.

According to CoinMarketCap, the coin was valued at $134.53 with a market cap of $13.9 billion. The coin reported a 24-hour trade volume of $3 billion, with a growth of 30.70% over the past week. The coin has been reporting a gradual rise of 0.30% over the past hour.

1-hour

Source: Trading View

According to the 1-hour chart, the graph noted an uptrend from $104.88 to $156.07, however, the coin reported a downtrend after the massive uptrend, from $156 to $135.14. The coin was met with immediate resistance at $156.04, while strong support is offered at $123.09.

Awesome Oscillator indicates a bullish trend gaining momentum.

Chaikin Money Flow also predicts a bullish market as the marker line is above zero. However, the rise is not too high and could see a fall and come back under zero.

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

1-day

Source: Trading View

Source: Trading View

As per the one day chart, ETH reported a downtrend from $432.36 to $218.66. The coin further fell to $140.26 and did not register a significant uptrend. ETH met with immediate resistance at $208.77, and support at $83.

Parabolic SAR is forecasting towards a bullish market, as the markers align under the candles.

Bollinger Bands appear to be diverging, thus increasing the volatility in the market. The chart points towards a bearish market as the moving average line is under the candlesticks.

MACD, on the other hand, forecasts a bullish market, with MACD line above the signal line.

Conclusion

The indicators Awesome Oscillator, Chaikin Money Flow, Parabolic SAR, and MACD predicts a bullish trend, however, Bollinger Bands points towards a bearish trend.


Follow us on Telegram | Twitter | Facebook


Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.