Ethereum [ETH], the second largest cryptocurrency by Market cap, took a step out of the bear market to visit the bull. According to CoinMarketCap, at press time, Ethereum was trading at $139.32 with a market cap of $14.64 billion. The trading volume was $4.48 billion, but the coin did not record a significant shift in its value over the past 24 hours.
On the one-hour chart, the coin displayed a downtrend from $139.14 to $138.35. The uptrend of the coin was outlined from $135.97 to $125.74. The coin’s immediate resistance was set up at $139.18 and the strong resistance was at $140.56. However, the immediate support found its ground at $135.96 and the strong support was at $123.99.
Parabolic SAR showed that the coin reached the bull’s market as the indicator was above the candlesticks.
Bollinger Bands showed the coin moving towards the volatile side of the market as the bands were parting ways.
MACD predicted the coin’s early return to the bear market as the moving average line was below the signal line.
The one-day chart exhibited two main downtrends for the cryptocurrency; from $247.76 to $157.55 and from $157.55 to $137. The uptrends were recorded from $103.21 to $83.74 and from $103.22 to $125.24.
The immediate resistance for the cryptocurrency was at $157.77 and the strong resistance was at $218.88. The support levels were at $124.88 and $82.71.
RSI showed the buying and selling pressures for the cryptocurrency being at equilibrium.
Chaikin Money Flow displayed its support to the coin by moving money back into the market.
Klinger Oscillator was also spotted on the same street, as the reading line arched over the signal line.
The coin’s visit to the bull market was successful as it managed to grasp the attention of key indicators. However, a bullish breakout can also be expected considering the volatility of the market.
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