3 C
Amsterdam
27 November 2021
PumpMoonshot
Image default
Ethereum

Ethereum [ETH/USD] Technical Analysis: Coin enjoys the bull ride ahead of Constantinople hard fork


According to CoinMarketCap, at press time, Ethereum was trading at $155.31, with a market cap of $16.81 billion. The cryptocurrency records a trade volume of $2.89 billion and surged by over 31% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

In the one-hour chart, the currency pictures two downtrends, the first from $156.04 to $155.21, and the second from $155.20 to $153.91. The chart shows that the digital currency also has two uptrends, from $115.94 to $132.34, and from $132.34 to $146.81. The immediate resistance for the coin can be spotted at $115.23 and the strong resistance at $156.14. The coin will first be supported at $145.06 ground if the bear decides to strike. If it fails to hold this ground, the strong support is at $113.33

Bollinger Bands have started to forecast a high volatile market as the bands have started to expand, making more room for price movements.

Chaikin Money Flow is predicting that the bull is going to prevail in the volatile market as the money has started to flow into the market, showing the coins its support.

Parabolic SAR is also rooting for a bullish market as the dots have started to align below the candlesticks.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the coin records a sharps downtrend from $714.00 to $153.50. The uptrend for the coin is pictured to start from $83.73 and reach the $114.53 ground, only to march forward to find its resting ground at $128.50. The immediate resistance for the coin is at $179.25 and the strong resistance is at $619.07. The immediate support is at $114.33 and the strong support at $82.70.

MACD is predicting that the coin will continues its upward trend as the moving average line has made a bullish crossover.

Klinger Oscillator, on the other hand, is in disagreement with MACD as it is forecasting a bearish trend. This is because of downward crossover of the reading line.

RSI is showing that the buying pressure for the coin is evened out with the selling pressure.

Conclusion

The cryptocurrency will continue to ride the bull on the back of the upcoming hard fork. This is evidenced with the support of Parabolic SAR, and Chaikin Money flow from the one-hour chart, and MACD from the one-day chart.

Source. ambcrypto

Related posts

Ethereum (ETH/USD) forecast and analysis on May 26, 2020

PumpMoonshot

Cryptocurrencies Price Prediction: Bitcoin, Stellar Lumens & Chainlink – Asian Wrap 2 Oct

PumpMoonshot

TA: Ethereum Smashes Key Resistance: Why ETH Could Rally To New ATH

PumpMoonshot

Leave a Comment