Ethereum [ETH/USD] Price Analysis: Price outburst results in trend reversal as bulls take charge

Ethereum [ETH], the third largest cryptocurrency by market cap, gained its momentum after Litecoin [LTC], now the fourth largest cryptocurrency, started a bull rally earlier yesterday. Since then, the coin has successfully managed to retain the bull in the market as it was pictured painted in green.

According to CoinMarketCap, at press time, Ethereum was trading at $119.30 with a market cap of $12.5 billion. The coin has a trading volume of $3.54 billion and has seen a rise of over 9% in the past 24 hours.

1-hour:

In the one-hour chart, the coin has an uptrend from $116.87 to $118.62 and $103.27 to $117.88. The immediate resistance for the coin is at $118.65, while the support systems for the coin can be seen at $116.58 and $101.29.

Parabolic SAR is showing a bearish wave as the dots have started to align on top of the candlesticks.

Bollinger Bands is forecasting a less volatile market as the bands are seen close to each other, making almost no space for price movements.

Chaikin Money Flow is on the brighter side of the market as the money is seen flowing into the market for the coin.

1-day:

In the one-day chart, the cryptocurrency is demonstrating a downtrend from $499.01 to $117.86. The uptrend for the coin is outlined from $83.74 to $103.22. The immediate resistance for the coin is at $128.49 and there is strong resistance is at $156.03. The support levels are at $103.15 and $83.02.

Klinger Oscillator is forecasting a bullish reign over the coin as the reading line and the signal line were pictured having a crossover, with the reading line deciding to go north.

RSI continues to show that the buying pressure for the coin is evened out by the selling pressure.

MACD is also on the same page as Klinger as the moving average line has placed itself above the signal line after a crossover.

Conclusion:

The sudden outburst of the market has resulted in a trend reversal as majority of the indicators have hopped on to the bull’s side. This includes CMF from the one-hour chart and Klinger Oscillator and MACD from the one-day chart.