Ethereum [ETH] Price Analysis: Coin makes a return trip to the bear’s market

Ethereum [ETH], a leading cryptocurrency in the market, continues to struggle to regain its position in the market. The coin Ethereum lost its position to is XRP, which is now seen placed in the second place by market cap.

According to CoinMarketCap, at press time, Ethereum was trading at $107.83 with a market cap of $11.29 billion. The coin has a trading volume of $2.53 billion and the coin has seen a slight rise of over 1% in the past seven days.

1-hour

In the one-hour chart, the coin demonstrates a downtrend from $113.57 to $109.30 and is seen going further south only to settle at $106.47. The uptrend for the cryptocurrency is recorded from $103.29 to $105.60. The immediate resistance for the coin is at $106.84 and the strong resistance is at $109.72. Whereas, the immediate support is at $105.07 and the strong support is at $103.24.

Parabolic SAR is currently showing a bearish wave for the cryptocurrency as the dots have aligned above the candlesticks.

Chaikin Money Flow is also on similar terms as the indicator is picturing the money flowing out of the market.

Bollinger Bands are forecasting a less volatile market for the cryptocurrency as the bands are seen close to each other, making less space for price movements to take place.

1-day

The one-day chart shows that the downtrend for the cryptocurrency is outlined from $317.55 to $115.91 and further down to $109.30. The uptrend is pictured from $83.74 to $104.01 and continues to rise till $105.94. The coin’s immediate resistance is at $128.06 and the strong resistance is at $156.01. The immediate support for the coin is at $103.98 and the strong support is at $82.81.

Klinger Oscillator is showing a bearish market for the coin as the reading line is below the signal line after a crossover.

MACD is also forecasting a bearish weather as the moving average line is below the signal line and the histograms are also seen painted in red.

RSI is showing that the buying pressure and selling pressure for the coin are still evened out in the market.

Conclusion:

The coin has made a return trip to the bear’s market. This is evidenced as the support of the majority of the indicators from both the one-hour chart and one-day chart is towards the bear.