Ethereum [ETH/USD] Price Analysis: Token’s stable movement to give way to the bulls

Over $1 billion was added to the collective market cap, yet the market was a mix of green and red. Ethereum [ETH], the top-altcoin, has managed to hold its own, edge up the US dollar, mildly albeit, and increase its lead over XRP by over $440 million.

Ethereum has edged up the US dollar by a mere 0.82 percent and is currently trading at $122.89, an increase of over 13 percent against last week’s price. The market cap of the coin stands at $12.88 billion.

In terms of exchange dominance, OEX takes the top spot for ETH trade volume with $184.07 million or 6.01 percent volume in the ETH/BTC trading pair. Following up are LBank and Bibox, accounting for 4.6 percent and 2.9 percent, in the trading pairs ZEC/ETH, and EOS/ETH.

1-hour:

Ethereum’s one-hour trend line shows two uptrends followed by a string of stable movement since the beginning of the week. The first uptrend extended from $104.56 to $121.9, followed by the second uptrend from $119.26 to $127.16.

The coin’s immediate support level stands at $121.16, which has persisted since February 10, due to the coin’s relatively low volatility. The immediate resistance posed by Ethereum stands at $126.01.

The Bollinger Bands show that the volatility of the coin has remained the same since the beginning of the week, while the Moving Average line indicates that the coin is bullish.

The Fisher Transform line shows that the coin has recently turned bearish as the Fisher line has been overtaken by the Trigger line.

The Chaikin Money flow tool shows that investor interest has dipped, as the money put into Ethereum has declined, indicated by the CMF line’s slip below 0.

1-day:

In terms of the one-day trend line, Ethereum has not managed to escape the “Crypto-Winter,” with the coin in continuous long-term decline since mid-November. The aforementioned downtrend can be summarized from $495.51 to $130.17, below which the coin is currently trading.

The immediate support level of the coin stands at $105.08, which is an increase from the previous support level of $85.42. Ethereum poses an immediate resistance level of $161.23, in the long-run.

The Parabolic SAR points to a bullish movement for the coin, as Ethereum’s trend line is above the dotted lines.

The MACD line shows that the coin is likely to break into the bullish zone after trading among the bears for the better part of a month.

The Relative Strength Index shows a spike in investor interest, as the RSI has shot up from 36.9, a week ago, to 56.23 at press time.

Conclusion:

The top-altcoin in the market has managed to trade along with a stable spree since the coin shot up along with the rest of the market at the close of the previous week. In the short-term, the volatility is running low as the Chaikin Money flow indicator shows a decline in cash pumped into ETH, while the Fisher Transform line shows a bearish run. However, in the long-run, the coin shows a bullish turn, after one-month of steady price decline.