Ethereum [ETH] Technical Analysis: Bears look to feast on weakened coin

Ethereum [ETH] the third-largest cryptocurrency, has been struggling due to the constant attack of the bear. However, the coin has maintained its third position and has seen a growth of 0.46% past 24-hours.

The coin was valued at $92.90, with a market cap of $9 billion, at the time of press. The coin’s 24-hour trade volume was $1.9 billion, however, ETH plunged by 18.42% over a week’s time.

1-hour

According to the one-hour chart of ETH, a downtrend from $107.41 to $96.89 has been registered. The downtrend further continues till $92.49. The coin also saw an uptrend from $85.64 to $91.78. An immediate resistance was noted at $96.89 but there was no visible support seen.

MACD line was observed under the signal line, which indicates that the market is bearish.

CMF line is under the 0-zone, noting that money is flowing outside the market, indicating a bear market.

Awesome Oscillator too is in line with other indicators, pointing out towards a vermilion market. According to the charts, a bearish market is gaining momentum.

1-day

According to the one-day chart, a downtrend was observed from $457.30 to $218.66, which continued till $92.80. Due to such an extreme fall, there was no significant uptrend registered. The coin marked a strong resistance at $116.82 and a support at $89.10.

Bollinger Bands appear to converge, indicating a less volatile market. The moving average line appears to be above the candlesticks, marking a bearish market.

Parabolic SAR too notes a bearish market, with the marker lines aligning above the candles.

Relative Strength Index indicates that the coin is in the oversold zone, pointing at a bearish environment.

Conclusion

According to the indicators, the market is being driven by the bears. Bollinger Bands, Awesome Oscillator, and RSI all predict a bearish market.