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Ethereum [ETH] Technical Analysis: Bull leads the coin to a new year


As the year comes to an end, the cryptocurrency market is not showing any great hike or fall at the time of press. However, the market does appear to be red, with the third-largest coin Ethereum [ETH] falling over 6% in the past week.

According to CoinMarketCap, Ethereum was valued at $136.49, with a market cap of $14 billion. The coin registered a 24-hour trade volume of $2.5 billion with a fall of 0.33% over the past hour. However, a minimal rise of 0.21% was seen over the past day.

1-hour

Source: Trading View

As per the one-hour chart, the coin registered a downtrend from $142.28 to $130.51, which further continued to $118.35. The coin then saw a sudden uptrend from $115.94 to $133.98. However, thus uptrend was followed by yet another downtrend from $43.22 to $138.90. The coin registered an immediate resistance at $143.22, while strong support was marked at $132.21.

Bollinger Bands appear to be at a converging point, with the moving average line above the candlesticks. This points to a bearish market.

Awesome Oscillator, on the other hand, is seeing a spike of green, indicating that a bullish market is gaining momentum.

Relative Strength Index showcases that the buying and the selling pressures are evening each other out, but the marker is closer to the oversold zone.

1-day

Source: Trading view

Source: Trading view

According to Ethereum’s one-day chart, the coin registered a massive downtrend from $404.99 to $138.83. The resistance was noted at $139.02, and strong support was provided at $82.92.

Chaikin Money Flow indicates that the outflow and inflow of money are the same. However, since the marker is just above zero, the market is presumed to be a bullish one.

MACD line is over the signal line, indicating a bullish market.

Conclusion

As per the indicators Awesome Oscillator, Chaikin Money Flow, and MACD, the market appears to be a bullish one. However, Bollinger bands predict a bearish reign.


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