Ethereum [ETH/USD] Technical Analysis: Bear reclaims its control over the coin

Ethereum [ETH/USD] Technical Analysis: Bear reclaims its control over the coin

Ethereum [ETH], the third-largest cryptocurrency by market cap, witnessed a massive drop in its value earlier today, along with all the other major cryptocurrencies. The bear’s return was unexpected by the investors, especially with the upcoming upgrade. Also, the coin lost its position to XRP  in terms of market cap again within a fraction of minutes.

According to CoinMarketCap, at press time, Ethereum was trading at $128, with a market cap of $13.35 billion. The cryptocurrency has a trading volume of $2.55 billion and has plunged by over 19% 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 cryptocurrency pictures a steep downtrend from $149.21 to $126.89. The sharp uptrend is recorded from $113.48 to $122.52. The cryptocurrency will have to face the immediate resistance first, which is set at $128.63, in order to defeat the strong resistance, which is set at $150.75. The immediate support for the coin is at $122.50 and the strong support is at $113.57.

Parabolic SAR pictures a bullish trend as the dots have aligned below the candlesticks.

Chaikin Money Flow shows that the money is currently going out of the market as the line is below the zero mark, forecasting a bearish wave.

Bollinger Bands is forecasting a less volatile market as the bands are pictured contracting in the market, making less space for major price movements.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $714 to $155.91 for the cryptocurrency. The uptrend is pictured from $83.74 to $125.83. The immediate resistance for the coin is set at $155.91 and the strong resistance is at $218. The cryptocurrency has immediate support at $114.37 and the strong support is set at $82.78.

Klinger Oscillator is forecasting the bear’s return as the reading line and signal line have recorded a crossover in the market, with the reading line going down south.

MACD pictures the bear’s presence as the moving average line is placed below the signal line after a crossover.

RSI shows that the buying pressure is currently evened out by the selling pressure for the cryptocurrency in the market.

Conclusion

The coin is forecasting a strong bear’s wave as majority of the indicators have started to support the winter animal. This includes Chaikin Money Flow from the one-hour chart, Klinger Oscillator, and MACD, from the one-day chart.

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