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Ethereum [ETH/USD] Technical Analysis: Cryptocurrency receives a lease of life as bear lurks around the corner

The consecutive bear attack on the cryptocurrency market has left a lot of coins reeling on their price supports, which includes Bitcoin [BTC], Ethereum [ETH] and XRP. Ethereum was knocked off its perch and had fallen below its strong support of $99.

1-hour:

The one hour chart shows Ethereum falling consistently with sporadic bullish rises in between. The downtrend lowered the price from $106.17 to $83.38 while the sudden spike lifted the price to $96.28. Ethereum has been holding a resistance of $118.73 while the support has been lowered to $82.71.

The Parabolic SAR has been bullish for a short period while in the long run, the pattern has been bearish. This is shown by the markers staying above the price candles.

The Bollinger band has shown a massive trend change which is indicated by the large Bollinger cloud.

The MACD indicator has spiked above the MACD histogram with the signal line and the MACD line almost meeting, forming the start of a bearish crossover.

1-day

The Ethereum one day chart displays a massive slide that saw the cryptocurrency slip from $470.52 to $94.55. The long-term support was formed recently, holding at $88.93.

The Awesome Oscillator shows an increase in market momentum after a lull. The recent pickup comes after the sudden bullish spike.

The Relative Strength Index has crashed below the oversold zone, indicating a massive surge of selling pressure over the buying pressure.

The Chaikin Money Flow indicator has been holding below the axis. This is a sign of the money flowing out of the market being much greater than the money coming into it.

Conclusion

Ethereum received a saving grace with the price left but it looks like the bear has not left its side. The above-mentioned indicators all point to an extended bear run with no bullish spikes in sight.

The post Ethereum [ETH/USD] Technical Analysis: Cryptocurrency receives a lease of life as bear lurks around the corner appeared first on AMBCrypto.



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