Ethereum [ETH] Technical Analysis: Bull has decided to stay in the market for a short duration

Ethereum [ETH], the third-largest cryptocurrency by market cap, tagged along with the bull as the coin is painted in green for the past few hours.

According to CoinMarketCap, at press time, the coin was trading at $109.46, with a market cap of $11.45 billion. The coin has a trading volume of $2.84 billion and has surged by over 3% in the past 24 hours.

1-hour:

The one-hour chart demonstrates a downtrend from $124.65 to $116.87 and from $116.87 to $109.69. The cryptocurrency also records an uptrend from $104.35 to $108.23. The coin will be facing an immediate resistance at $109.74 and a strong resistance at $116.88. However, the immediate support for the coin is laid down at $104.33 and the strong support is at $102.55.

Parabolic SAR is seen favoring the bull’s presence as the dots are aligned below the candlesticks.

Chaikin Money Flow is also on the bull’s side as the money is pictured flowing into the market.

Bollinger Bands are still forecasting a volatile market for the coin as the bands are well apart from each other. Nonetheless, the bands have started to converge, predicting a less volatile market for the coin.

1-day:

In the one-day chart, the uptrend is outlined from $83.74 to $104.01. The downtrend for the coin can be seen from $499.01 to $155.91 and $149.49 to $115.01. The immediate resistance for the coin is at $156.04 and the strong resistance is seen at $219. The cryptocurrency has found its immediate support ground at $103.94 and its strong support ground at $82.79.

Klinger Oscillator is forecasting a bearish wave for the coin in the long run as the reading line placed itself below the signal line after a crossover.

MACD is seen sharing the same sentiment as the moving average line is below the signal line after the two had a crossover in the market.

RSI is showing that the buying pressure and the selling pressure is evening out each other.

Conclusion:

The bull is seen supported by the indicators from the one-hour chart, whereas the bear has gained the support of the indicators forecasting the long-run condition of the coin.