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Ethereum [ETH/USD] Technical Analysis: Bears attempt to beat the dead horse

All coins in the cryptocurrency Market have been experiencing a sideways movement over the last week, wherein Ether [ETH] has been as dull as any of its fellow tokens.

At the time of writing, the coin saw an insignificant pop of 0.44%, trading at $204.7, with a market cap of over $21 billion. In the last 24-hours, the total trading volume for the token was recorded at $1.2 billion.


ETHUSD 1-hour candlesticks | Source: tradingview

ETHUSD 1-hour candlesticks | Source: tradingview

In the 1-hour scenario of ETH candlesticks, the Trend lines from $204.3 to $202.2 and $198.8 to $201.9 are showing a strong possibility of convergence, which is indicative of a trend breakout.

The Bollinger Bands are showing a positive prediction for price volatility in the Ethereum market. The upper and the lower bands are currently leaving much space for the prices to move in either direction across the widened neck.

The Klinger Oscillator is depicting a bullish market for ETH as the price trend has bounced back upwards multiple times after making contact with the signal. At present, the reading line is touching the signal, leaving its position in a foggy light. However, if the indicator followers the past pattern, it might bounce back up once again.

The Awesome Oscillator has also nodded on the above prediction, flashing a green light at the ETH market. The token is likely to follow a healthy trend.


ETHUSD 1-day candlesticks | Source: tradingview

ETHUSD 1-day candlesticks | Source: tradingview

In this scenario, the Ether candlesticks are forming a descending triangle for the price trend as the downward trendline from $465.8 to $226.1 is approaching the current support set at $182.7. Therefore, a bearish-sideways trend is noticeable from the ETH chart.

The Parabolic SAR is bearish on the coin’s market trend, compressing the prices further below by aligning the dots on top of the candlesticks.

The RSI has refused to take a strong position on the prediction of the Ethereum market. At present, the indicator is suggestive of a sideways trend by walking on a straight horizontal path. However, RSI is currently resting on the bear’s turf on the cryptocurrency chart.

The Chaikin Money Flow indicator is a replica of the above, traveling in the bearish zone and pointing its tail straight into a horizontal direction.


In this technical analysis, the indicators have concluded that the price trend for the Ethereum market is going to be bullish in the short-term, but is going to crash in the long-term scenario.

The post Ethereum [ETH/USD] Technical Analysis: Bears attempt to beat the dead horse appeared first on AMBCrypto.

This post first appeared on AMBCrypto - Latest Cryptocurrency News, please read the originial post: here

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Ethereum [ETH/USD] Technical Analysis: Bears attempt to beat the dead horse


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