Press "Enter" to skip to content

ETH Price Analysis: The impasse keeps the bulls and bears waiting

Cryptocurrency

Ethereum [ETH], the second-largest cryptocurrency by market cap was priced at $184.47. With the market cap of $20.232 billion, the digital asset recorded $7.6 billion as the 24-hour volume. Most of the volume was generated over CoinEgg exchange via trading pair, LTC/ETH.

2 Hour Chart

Source: ETH / USD TradingView

The short term chart showed a downtrend extending from $198.23 to $194.07 and an uptrend extending from $166.96 to $182.24. The immediate resistance stood at $187.76 and the subsequent resistance stood at $190.65 while the support was held at $181.99.

The Bollinger Bands had slowly 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 bearish momentum was building up.

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

1 Hour Chart

Source: ETH / USD TradingView

The daily chart showed a downtrend extending from $341.65 to $224.38 and an uptrend extending from $152.14 to $183.20. The resistance stood at $196.81 while the immediate support was held at $177.38 and the subsequent support was held at $163.93.

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 were touching keeping the investors wait to see what was about to happen.

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

The short term chart showed that the price was diminishing while the long term chart showed that the coin was making a progress but neither of them confirmed the coin’s current state.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.