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ETH Price Analysis: The bulls holds the market up high

Cryptocurrency

The second-largest cryptocurrency ETH at the press time was priced at $185.68 and the market cap was at $20.237 billion. The 24-hour trading volume was $7.996 billion.  A major amount of trading volume for ETH was coming from Dcoin exchange. It contributed a total of $388 million in trading volume, via the ETH/USDT trade pair.

2 Hour Chart

Source: ETH / USD TradingView

The short term chart showed a downtrend extending from $192.40 to $188.07 and an uptrend extending from $177.59 to $180.97. The resistance stood at $188.15 while the immediate support was held at $182.71 and the subsequent support was held at $180.80.

The Bollinger Bands had begun to diverge thereby increasing the volatility of the coins in the market.

The Awesome Oscillator showed that the coin was inconsistent in either of the markets but a light bullish momentum was building up.

Chaikin Money Flow: The CMF line was swaying above the zero-line indicating that the inflow of the capital was more than the outflow pushing the coin into the bullish market.

1 Day Chart

Source: ETH / USD TradingView

The daily chart showed a downtrend extending from $361.54 to $197.86 and an uptrend extending from $157.72 to $191.58. The immediate resistance stood at $195.77 and the subsequent resistance was standing at $225.43 while the support was held at $163.66.

Parabolic SAR: The dotted line below the candlesticks was going up indicating a positive sentiment for the coin in the market.

The MACD line and the signal line had been traveling parallel for quite some time but since the MACD line was over the signal line, the coin experienced a bullish trend.

Relative Strength Index: The RSI line was slightly above the 50-line suggesting that the buyers were more active than the sellers in pushing the coin to the bull market.

Conclusion

All the indicators (both short charts’ and long term charts’ included) suggest that the coin was under a bullish influence.

 

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