As the bear rule moves ahead in its journey in the cryptocurrency market, Ethereum [ETH], like its fellow mates, also dipped in red. At press time, the token slumped by 3.25% wherein it was trading at $89 with a market cap of $9.24 billion. The 24-hour trading volume was calculated at $1.72 billion.
ETH 1-hour candlesticks | Source: tradingview
In this scenario of Ether candlesticks, the downtrend is stretching from $96.8 to $87.3 whereas the support level is set at $82.8. As of now, a possibility of trend breakout in the price is not apparent due to the absence of price-concentration.
The Parabolic SAR is clearly bullish on the cryptocurrency. This is visible as the dots have assembled themselves below the candlesticks to depict support for the price trend from falling.
The Aroon indicator is neutral on the matter as the green trend is also crashing, following the downtrend. However, the uptrend is still relatively stronger than the downtrend on the graph.
The MACD has made a bullish crossover to side with the bull. To confirm the stance, the reading line is traveling above the signal and moving gradually upwards.
ETH 1-day candlesticks | Source: tradingview
In the one-day chart. it can be observed that the token has been devalued multiple times since July. The first downtrend is extending from $466 to $210 whereas the second one is ranging from $209 all the way down to $93. Here, the long-term support is set at $183, after which, the coin breached multiple supports and continues to do so.
The Bollinger Bands have contracted from its previous stance of high volatility. The bands are following a tunnel-pattern, still giving a fair amount of space for the market to fluctuate.
The RSI has been running in the oversold zone for almost a month now. A trend reversal is expected anytime. However, the indicator is bearish on Ether at present.
The Klinger Oscillator is bullish on the cryptocurrency as the reading line made a positive crossover by the signal. It is headed upwards in favor of the bull rule.
In the technical analysis, the majority of indicators are bullish on Ethereum and indicative of a trend reversal as ETH continues to swim in red. A certain degree of volatility is expected in the market as suggested by the Bollinger Bands.
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