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Ethereum [ETH] Technical Analysis: Second wave of bear attack imminent on bleeding market

The third-largest coin on the top-10 cryptocurrency list, Ethereum [ETH], has had a rough ride ever since the market started changing. However, the coin did manage to stay in the third position and not slip from its rank like many other major coins.

According to CoinMarketCap, ETH was valued at $115.90, with a market cap of $12 billion, at press time. The 24-hour trade volume of the coin was reported to be $2.4 billion, with a fall of 7.59% over the past 24 hours. The coin registered an overall growth of 0.44% over the past week but has slipped by 0.27% over the hour.

1-hour

Source: Trading View

Source: Trading View

The one-hour chart of Ethereum reports an uptrend from $108.12 to $144.16, however, the chart indicates a downfall in the value of the coin from $156.04 to $130.51, which further extends till $114.80. The wounded market has marked a resistance at $124.32 and has offered strong support at $113.31.

Awesome Oscillator indicates a bullish market gaining momentum.

Chaikin Money Flow marker is under zero, indicating that money is flowing outside the market and hence, a bearish trend.

Relative Strength Index showcases that the buying and selling pressures are evening each other out, as the marker line recovers from an overbought bearish environment.

1-day

Source: Trading View

Source: Trading View

As per the one-hour chart of the coin, a downtrend was observed from $432.36 to $139.09. The price of the coin is seen to slip tremendously. The coin registered a resistance at $139.09 while reporting a support at $82.92.

Bollinger Bands are indicating a bearish run for the coin as the moving average line is under the candlesticks. The bands appear to be diverging, thus an increase in volatility must be underway.

Parabolic SAR points towards a bearish market as the markers align themselves above the candles.

MACD line is above the signal line, marking a bullish market, but is moving towards a crossover.

Conclusion 

At the time of press, the bear seems to be marking its territory. The indicators Awesome Oscillator, Bollinger Bands, Parabolic SAR, and MACD line predict a bearish market.

The post Ethereum [ETH] Technical Analysis: Second wave of bear attack imminent on bleeding market appeared first on AMBCrypto.



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