Image credit: source

The third-largest coin on the CoinMarketCap list, Ethereum [ETH], has been bleeding ever since the bear attacked the market. However, the coin has been trying hard to recover and its efforts are appreciated by the bear market.

At the time of press, the coin was valued at $105.93, with a market cap of $11 billion. ETH registered 24-hour trade volume of $2.9 billion with an overall fall of 10.37% over the week. The coin has grown by 1.30% in the past day but continues to register fall by 0.4% over the past hour.

1-hour

Source: Trading view

As per the coin’s one-hour chart, it registered a massive downtrend from $117.66 to $102.57, while a minuscule uptrend was traced from $102.85 to $103.68. The coin marked resistance at $105.47, with strong support at $102.57.

Bollinger Bands appear to be at a diverged point, indicating increased volatility in the market. The moving average line is under the candlesticks marking a bullish market.

Awesome Oscillator marks a bullish market but losing its momentum.

Chaikin Money Flow also indicates a bullish reign with the marker above zero but it can dip any moment and turned the green market vermillion.

1-day

Source: Trading view

Source: Trading view

The one-day chart of ETH marks a downtrend from $434.48 to $157.15, which further continues till $115.01. The coin is falling and has registered an uptrend from $83.51 to $115.61. The coin met with immediate resistance at $157.15 with support marked at $83.51.

Parabolic SAR indicates a bearish market as the markers have aligned themselves over the candles.

MACD line is seen to be under the signal line, pointing towards a bearish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

Conclusion

As per the indicators, Chaikin Money Flow, Awesome Oscillator and Bollinger Bands, a bullish trend is predicted. However, MACD and Parabolic SAR do not seem to be in an agreement with the aforementioned indicators as it predicts a bearish run.


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Namrata Shukla

Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

(Excerpt) Read more Here | 2019-01-30 01:30:48

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