Ethereum [ETH/USD] Technical Analysis: Bearish trends to witness a reversal?

The cryptocurrency market is in hibernation mode as the cold wrath of bear goes unleashed. At the time of writing, ETH was up by a mere 0.22%, trading at $177.5 with a market cap of $18.32 billion. The 24-hour trading volume is recorded at $2.45 billion.

1-hour:

In this scenario of the ETH candlesticks, the downward trendline stretches from $203.9 to $176.9. A major support breach also occurred during the collective bearish downturn of the market, wherein the current support is set very low, at $165.2.

The Parabolic SAR appears to be bullish on the Ether price trend. The dots are providing support to the candlesticks by aligning themselves below the candles.

The Awesome Oscillator has turned red as of now. The indicator is bearish on the market, contrary to the above prediction.

The Chaikin Money Flow has adopted a neutral approach towards the price speculation, as the reading line continues to travel in a horizontal fashion.

1-day:

In the 1-day time frame, the downtrend extends from $465.5 to $209.1 wherein the candlesticks have broken multiple supports. The earlier support set at $182 was breached by the current support that is fixed at $177. This shows that Ether has been dunking further below with the onset of the bearish crypto-market.

The Bollinger Bands are widening the gap to welcome an increased volatility in the market. Greater price fluctuations can be expected in the ETH price.

The Klinger Oscillator made a bearish crossover by the signal line to project downward price trend. However, the indicator is now approaching upwards to indicate hope for a better future.

The RSI has dunked to hit the rock bottom. The indicator is currently traveling in the oversold zone, which is a bullish sign as trend reversal can be predicted.

Conclusion:

In this technical analysis, it can be observed that a trend reversal is evident by the nature of multiple indicators. The market is also expected to be highly volatile during this price run.