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Ethereum [ETH/USD] Technical Analysis: Coin will be held captive by the bear for a longer duration

Since the past few days, the cryptocurrency market has neither seen a dramatic fall nor a rise. The price of all the coins seems to be stable even though they are controlled by the bear.

According to CoinMarketCap, at press time, Ethereum was trading at $121.51 with a market cap of $12.69 billion. The trading volume of the cryptocurrency is pictured to be $2.25 billion and the coin has plunged by over 4% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the coin shows a downtrend from $150.73 to $120.51. The uptrend for the coin is registered from $114.35 to $118.87. The coin has to first breach the immediate resistance level, which is set at $122.56 to proceed onto the strong resistance level, which is set at $129.47. The immediate support of the cryptocurrency is at $117.91 and the strong support is at $114.30.

Klinger Oscillator is currently forecasting the bull’s presence in the market for the cryptocurrency as the reading line is pictured above the signal line after a crossover.

RSI is showing that the buying pressure for the cryptocurrency is evened out by the selling pressure for the coin.

Bollinger Bands is picturing a less volatile market as the bands are seen closing in on each other.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $618.63 to $115.91 and from $149.49 to $122.53. The cryptocurrency has recorded an uptrend from $83.74 to $115.61 and takes more steps forward to rest at $119.53. The immediate resistance for the coin is set at $156.06 and the strong resistance is at $218.94. The coin has set its immediate support ground at $114.17 and its strong support ground at $82.71.

MACD is forecasting a bearish market as the moving average line is currently seen below the signal line, after the two had a crossover.

Chaikin Money Flow is also predicting a bearish market as the money is flowing out of the market for the coin.

Parabolic SAR is on the same page as the dots have aligned above the candlesticks.

Conclusion:

The coin will continue to be held captive by the bear as the long-term players are in its support. This includes MACD, Chaikin Money Flow, and Parabolic SAR from the one-day chart.

The post Ethereum [ETH/USD] Technical Analysis: Coin will be held captive by the bear for a longer duration 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: Coin will be held captive by the bear for a longer duration

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