Ethereum [ETH/USD] Technical Analysis: The bull to soon lift the bearish curse?

The cryptocurrency market has been volatile on a small scale as of late. Switching rapidly between red and green, the market is still showing a sideways trend. At the time of writing, Ethereum [ETH], the coin directly below Bitcoin [BTC], is trading at $204.68 with a market cap of $21 billion. The market is currently flashing green and is up by 1.05% with a 24-hour trading volume at $1.13 billion.

1-hour:

In the 1-hour scenario, the stronger resistance is set at $202.2, whereas the downtrend and uptrend are ranging from $200.3 to $200.4 and $198.9 to $199.3. There is a low possibility of a trend breakout to occur as there is no apparent upcoming intersection.

The MACD made a bullish crossover and is mildly positive. However, the indicator is crashing now, taking a downward approach, suggesting a negative price trend for the market.

The Klinger Oscillator was about to make a bearish crossover but bounced back up to run a bullish prediction. However, the indicator is also approaching a downward trend as of now.

In this timeframe, the resistance line is ranging from $467.1 – $200.5 whereas the support line is stretching from $183 – $188.4. The two trendlines look close to an intersection, which suggests an upcoming breakout in the Ether market trend.

The Parabolic SAR is currently bearish on the coin, indicative of a downtrend on the ETH chart. This conclusion is drawn by observing the dot-alignment of Parabolic SAR placed above the candlesticks.

The RSI is appearing to vouch for the bull as it has taken an upward path to pay a positive prediction for Ethereum.

The Chaikin Money Flow is below the 0-mark, meaning it is bearish at the moment. However, the reading line has taken a flight and might enter the green zone soon.

Conclusion:

Almost all the indicators show a minor or a strong future bullish trend for the cryptocurrency in the short and the long-term, as of now. A breakout in the price trend is also visible in the upcoming times, which gives the Ethereum community new hope of a change in the monotonous sideways market.