Ethereum [ETH/USD] Price Analysis: Cryptocurrency market indicates a bullish future for the coin

The bull continues to support the market as all the coins are seen performing relatively well. Even the top coins in the market are glowing green because of the bull’s presence. According to CoinMarketCap, at press time, ETH was trading at $123.24 with a market cap of $12.92 billion. The coin has a trading volume of $3.23 billion and has surged by over 18% in the past seven days.

1-hour

In the one-hour chart, the coin’s downtrend is outlined from $123.93 to $123.18. The uptrends for the coin are from $103.27 to $118.50 and from $119.71 to $121.64. The coin’s resistance points can be seen at $123.20 and $123.94. The immediate support for the cryptocurrency is at $119.69, including a strong support at $102.57.

Parabolic SAR is indicating a greener market as the dots are pictured pushing the coin up north by aligning below the candlesticks.

RSI is showing that buying and selling pressures for the coin have evened out in the market.

Bollinger Bands is forecasting a volatile market for the cryptocurrency as the bands are pictured parting ways.

1-day

The one-day chart demonstrates the downtrends from $247.76 to $218.66 and from $155.91 to $123.93. The uptrends are outlined from $83.74 to $103.22 and further up till $199.57. The resistance levels are set at $128.52 and $156.05 whereas, the immediate support point can be found at $117.91 and at $103.11.

MACD shows that the moving average line placed above the signal line after a crossover, indicating a bullish future for the coin.

Chaikin Money Flow is also supporting the coin in its cause as money is still flowing into the market.

Klinger Oscillator is also on the same page as the reading and the signal line had a crossover, with reading line deciding to go up north.

Conclusion:

The coin seems to have moved to the brighter side of the market after being attacked several times in the past. This is evident with the support of MACD, Chaikin Money Flow, and Klinger Oscillator from the one-day chart and Parabolic SAR from the one-hour chart.