Ethereum [ETH/USD] Price Analysis: Bull continues to grace the market with its presence

The cryptocurrency market is seen continuing its bull rally, with all the coins in the market in the green. Ethereum [ETH] has emerged as one of the biggest gainers over the bull run.

According to CoinMarketCap, at press time, Ethereum was trading at $148.06 with a market cap of $15.53 billion. The coin has a trading volume of $5.51 billion and has witnessed a surge of 22.50% in the past seven days.

1-hour

In the one-hour chart, the cryptocurrency records uptrends from $122.81 to $148.60, and from $135.34 to $144.68. The immediate resistance for the coin is set at $148.64 and strong resistance can be found at $152.54. On the other hand, the support levels can be spotted at $141.11 and $119.37.

Chaikin Money Flow continues to support the coin’s bullish run as the money is seen flowing into the market.

MACD however, is forecasting a bearish weather as the moving average line is pictured well-below the signal line. Additionally, the histogram is also covered in the colour red.

Bollinger Bands have started to indicate a less volatile market as the bands are pictured contracting.

1-day

The one-day chart pictures a downtrend from $499.01 to $144.62. On the other hand, the uptrends are recorded from $82.82 to $103.22 and $103.22 to $120.42. The coin has its immediate resistance level at $155.99, after which the strong resistance is at $219.04. The coin’s immediate support is seen at $103.17 and there is strong support at $82.72.

Klinger Oscillator has joined the bandwagon and is pictured celebrating the return of the bull as the reading line turned north after its crossover with the signal line.

Parabolic SAR is also seen rejoicing as the dots have aligned below the candlesticks, acting as a support system against the bear.

RSI shows that the cryptocurrency is currently overbought in the market as the buying pressure is more than the selling pressure.

Conclusion

The coin continues to indicate a bright future and the bear’s influence over the market is seen falling as the day passes. This is mainly because the bull is supported by Klinger Oscillator, and Parabolic SAR from the one-day chart, and Chaikin Money Flow from the one-hour chart.