Ethereum [ETH/USD] Price Analysis: Coin chooses bull as short-term companion

Ethereum [ETH], the second largest cryptocurrency by market cap, continued to show healthy movement in the coin market. According to CoinMarketCap, at press time, Ethereum was trading $139.34, with a market cap of $14.67 billion. The trading volume of the cryptocurrency was $4.12 billion, with a rise of over 4% in the past seven days.

1-hour

The one-hour chart of the cryptocurrency recorded downtrends from $142.52 to $140.19, and from $140.19 to $138.07. The uptrends for the coin were from $129.29 to $130.18, and from $131.40 to $136.75.

The coin’s immediate resistance was set at $138.07, and $140.20. Strong resistance for the cryptocurrency was seen at $142.53. The immediate support layers were placed at $136.09, and $130.69. Strong support for the cryptocurrency was at $129.27.

Parabolic SAR had its dotted markers below the candlesticks, indicating a bullish run for the coin.

Klinger Oscillator, on the contrary, showed that the reading line had crossed below the signal line, indicating the bear’s victory.

RSI showed that the buying and selling pressures for the coin were equally met in the market.

1-day

The one-day chart outlined downtrends from $218.66 to $157.56, and from $157.55 to $140.49 for the cryptocurrency. The uptrends were from $82.92 to $103.22, and from $103.22 to $131.40.

The immediate resistance for the coin was at $140.53 and the strong resistance was at $157.73. On the contrary, the immediate support was at $125.14, and the strong support was at $82.77.

Bollinger Bands forecast a reduced volatility as the bands were reuniting in the market after an explosion.

MACD showed that the moving average line placed itself below the signal line right after a crossover.

Chaikin Money Flow also supported the bear’s cause in the market as money was flowing out of the market in the long term.

Conclusion

Even though the coin was showing signs of a healthy market, long-term indicators forecast a market painted in red for the cryptocurrency.