Ethereum [ETH/USD] Technical Analysis: Bull will lead the coin to its victory in the market

According to CoinMarketCap, at press time, Ethereum was trading at $136.64, with a market cap of $14.22 billion. The cryptocurrency shows a trade volume of $3.25 billion and has seen a rise of more than 24% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the cryptocurrency records a downtrend from $156.04 to $137.18. It also shows an uptrend from $115.90 to $135.06. The immediate resistance for the coin is set at $137.26 and the strong resistance is at $156.31. Whereas, the immediate support can be found at $133.29 and the strong support at $113.36.

At present, Bollinger bands are forecasting a high volatile market for the coin as the bands are pictured parting from each other.

Chaikin Money Flow is demonstrating a bullish market as the money has started to flow into the market.

Parabolic SAR, on the hand, is showing sings of the bear’s return as the dots have started to align on top of the candlesticks.

1-day

Ethereum one-day price chart | Source: Trading View

The one-day chart is demonstrating a sharp downtrend from $466.01 to $136.82. The uptrend is outlined from $83.74 to $114.53. The immediate resistance for the coin is at $139.21 and the strong resistance is at $218.74. The cryptocurrency has formed its support line at $82.71.

Klinger Oscillator is showing  that the bull has stepped into the market with the intention of not losing it to the bear as the reading line and the signal line have made a crossover, with the reading line taking the lead.

RSI is demonstrating that the buying pressure and the selling pressure for the coin is currently evened out in the market.

MACD is also showing a strong bullish trend as the moving average line has made a crossover to take the path up north.

Conclusion:

The bull will continue to lead the coin to its victory in the market. This will be achievable as it is assisted by CMF from the one-hour chart, and Klinger Oscillator, RSI, and MACD from the one-day chart.

Source.ambcrypto