Ethereum [ETH/USD] Technical Analysis: Coin has slim chance of escaping the bear

The cryptocurrency market is shining brightly as a majority of the coins are adorned in green. According to CoinMarketCap, at press time, Ethereum was trading at $117.08 with a market cap of $12.24 billion. The coin has witnessed a downfall of over 4% in the past seven days with a trading volume of $2.25 billion.

1-hour

The downtrend for the coin in the one-hour timeframe is outlined from $129.38 to $124.65 and further from $124.65 to $118.50, only to rest at $116.51. The uptrend for the coin is from $114.73 to $116.15. The resistance levels are pictured at $118.71 and $124.91. The coin’s immediate support ground can be pictured at $114.72.

Parabolic SAR has started to indicate a bearish movement as the dots have started to appear above the candlesticks.

Chaikin Money Flow continues to show the bull’s presence as the money is still flowing into the market.

Bollinger Bands are predicting a less volatile market for the coin as the bands are pictured contracting, making less room for major price movements.

1-day

In the one-day chart, the downtrend for the cryptocurrency is pictured from $812 to $118.02. The coin also records a small uptrend, which is seen from $83.74 to $115.86. The immediate resistance for the coin is at $128.46 and the strong resistance is at $156.01. The support levels are laid down at $114.42 and $82.82 for the cryptocurrency.

Klinger Oscillator is showing that in the long run the coin will be held by the bear as the reading line is pictured below the signal line.

RSI is showing that the buying pressure and the selling pressure are canceling out each other.

MACD is also on the same page as Klinger Oscillator as the moving line has placed itself below the signal line post a crossover.

Conclusion

The coin will be on the bear’s side in the long run, irrespective of its decision in the short-term. This is mainly because of Klinger Oscillator and MACD’s from the one-day influence over the coin, which is currently residing in the bear’s realm.