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Ethereum [ETH/USD] Technical Analysis: Bear out to crash the cryptocurrency’s bull party

The cryptocurrency market seems to have come out of its price lull, with major coins like Bitcoin [BTC], Ethereum [ETH] and Bitcoin Cash [BCH] all being blessed by the bull.

Ethereum has been bombarded with comments from a lot of prominent officials in the cryptocurrency space, leading to the second-largest cryptocurrency being in the limelight quite often.

1-hour:

Source: Trading View

Source: Trading View

The Ethereum trendlines indicate a gradual downtrend with the prices dropping from $202.16 to $199.34. The support of the cryptocurrency has been holding at $192.66, with the resistance being maintained at $203.16.

The Chaikin Money Flow indicator has fallen even further below the axis, an indication of an extended bear run.

The MACD line and the signal line have crossed over and have started their descent into the bear’s realm. This comes in the wake of the Ethereum prices riding the bull.

1-day:

Source: Trading View

Source: Trading View

The Ethereum one-day graph shows an acute downtrend, with the prices dropping from $456.55 to $195.96. The support for the cryptocurrency has been holding at $182.58.

The Relative Strength Index for Ethereum has been consistently tending near the oversold zone for the past couple of months. This is indicative of the selling pressure being more than the buying pressure.

The Bollinger bands has slowly tapered towards the current price hold. The upper band and the lower band have slowly constricted, an indication of a bearish trend.

Conclusion

The indicators show that the bull run is slowly ending, with the bear slowly coming out of its slumber. The MACD, CMF, RSI and the Bollinger bands all take the side of the bear in the current market.

The post Ethereum [ETH/USD] Technical Analysis: Bear out to crash the cryptocurrency’s bull party appeared first on AMBCrypto.



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