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28 October 2021
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Ethereum

Ethereum [ETH] Technical Analysis: ETH rides the sleigh with Santa and the bull


The season has been a jolly one for many major cryptocurrencies in the market. Many coins have registered massive growth and that has impacted the standings of the top 10 major cryptocurrencies. Ethereum [ETH] has spiked by 16.7% in the past seven days, maintaining its third position on the top-10 cryptocurrency list.

At press time, the coin was valued at $150.78, with a market cap of $15.6 billion, according to CoinMarketCap. The cryptocurrency registered a 24-hour trade volume of $3.9 billion, with a 0.43% growth in an hour.

1-hour

Source: Trading View

Source: Trading View

As per the one-hour chart, the coin registered an uptrend from $95.77 to $150.02. The coin did not register a significant downtrend. The coin registered an immediate resistance at $150.02, with the strong support at $129.53.

Awesome Oscillator predicts a bullish market gaining momentum.Relative Strength Index reflects that the buying pressure is significantly higher than the selling pressure.

Chaikin Money Flow is above the zero zone, indicating a bullish market. This also means that the money flowing into the market is much higher than the outflow.

1-day

Source: Trading View

Source: Trading View

As per the one-day chart, the coin registered a downtrend from $432.36 to $218.66, which further continued from $208.77 to $129.61. The coin did not register a significant uptrend. However, an immediate resistance was registered at $149.64, while strong support was formed at $82.92.

Bollinger Bands appear to be at a diverging point, indicating an increase in volatility in the market. However, the moving average line is under the candles, marking a bearish market.

Parabolic SAR indicates a bullish market as the markers are under the candles.

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

Conclusion

According to the indicators Chaikin Money Flow [CMF], MACD, Awesome Oscillator, and Parabolic SAR market is predicted to be bullish, while Bollinger bands point towards a bearish market.

Source.ambcrypto

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