Ethereum [ETH/USD] Price Analysis: Coin rejects bull’s proposal for long-term relations

Ethereum [ETH], the second largest cryptocurrency by market cap, made headlines this week after it got additional support from Opera. The platform announced plans of incorporating a cryptocurrency-dedicated browser on its iOS platform. More so, the coin’s exchange-traded product went live on SIX exchange platform, Switzerland’s largest stock exchange.

Despite these announcements, the coin chose the bear market over the bull for the long-run, after days of contemplating. At press time, Ethereum [ETH] had a market cap of $14.49 billion, and was valued at $137.85. The coin recorded a trading volume of $4.88 billion, with no significant price shift in the past seven days.

1-hour

The one-hour chart demonstrated a downtrend from $138.98 to $137.51 for the cryptocurrency. The uptrends for the coin were displayed from $133.76 to 138.35 and from $124.88 to $132.10.

The coin’s immediate resistance stood at $137.54, while stronger resistance was found at $138.95. The support levels were placed at $132.09 and $123.99.

Bollinger Bands showed that the coin moved to the volatile side of the market as the bands were well apart from each other.

RSI showed that the buying pressure for the coin was balanced out by the selling pressure. However, the line was moving upwards.

Parabolic SAR showed that the coin had momentarily shifted to the bull’s market as the dots were positioned below the candlesticks.

1 day

The one-day chart outlined two main downtrends for the cryptocurrency from $247.76 to $157.55 and from $136.25 to $157.55. The uptrends for the coin were from 82.92 to $103.36 and $103.22 to $125.24.

The coin’s immediate resistance was at $137.77, with strong resistance found at $157.69. The immediate support for the coin was found at $103.13, while stronger support was at $82.66.

MACD showed that the moving average line was below the signal line after a crossover, indicating a bearish market for the coin.

Klinger Oscillator took the same step as the reading line went below the signal line.

CMF dipped below the zero mark, indicating that the money was flowing out of the market, abandoning the coin in the bear’s market.

Conclusion

The bear turned out to be the ultimate winner as indicators such as the MACD, Klinger Oscillator and CMF joined its league. The bull, however, was left with only the Parabolic SAR by its side.