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21 October 2021
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Ethereum [ETH/USD] Technical Analysis: Coin continues to linger in bear’s realm


The whole cryptocurrency market has been lingering in the bear’s realm recently, with most of the coins pictured suffocating in its hostile environment. Notably, even the top currencies are struggling to keep up their pace in the current situation.

According to CoinMarketCap, at press time, Ethereum was trading at $122.40, with a market cap of $12.78 billion. The trading volume for the cryptocurrency is registered to be around $2.67 billion, and the coin has plunged by over 14% in the past seven days.

1-hour

Ethereum one-hour chart | Source: Trading View

Ethereum one-hour chart | Source: Trading View

In the one-hour chart, the coin registers a sharp downtrend from $149.95 to $129.38. It records another downtrend, from $129.38 to $124.91 and further down to $121.99. The uptrend for the coin is outlined from $114.35 to $117.95 and $117.95 to $119.81. The immediate resistance for the cryptocurrency is at $124.92 and the strong resistance is at $129.40. The coin has found its immediate support ground at $117.93 and the strong support is at $114.29.

Parabolic SAR is showing that the coin in the bear’s grip as the dots have aligned above the candlesticks.

Chaikin Money Flow has the coin suffocating because of the bear as the money has started to flow outside the market.

Bollinger Bands are forecasting a less volatile market for the coin as the bands are pictured close to each other.

1-day

Ethereum one-day chart | Source: Trading View

Ethereum one-day chart | Source: Trading View

The one-day chart demonstrates a steep downtrend from $499.01 to $155.91. The uptrend for the coin is laid out from $83.74 to $115.61. The immediate resistance for the coin is at $128.46 and the strong resistance is at $219.33. The immediate support is placed at $114.43 for the coin and the strong support is at $82.79.

Klinger Oscillator is forecasting a longer bearish market as the reading line is placed below the signal line after a crossover.

MACD is also forecasting a bearish wave as the moving average line has found shelter below the signal line, soon after a crossover.

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

Conclusion

The coin is engulfed in the bear’s realm with barely any escape points. Additionally, the bear is seen ruling the market with Klinger Oscillator, and MACD from the one-day chart and Parabolic SAR, and Chaikin Money Flow as its advisors.

La entrada Ethereum [ETH/USD] Technical Analysis: Coin continues to linger in bear’s realm se publicó primero en ELEVENEWS.

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