Ethereum [ETH/USD] Price Analysis: Coin takes a walk with the bear

After a slight recovery, all cryptocurrencies in the market seemed to have taken a break, as the price charts did not record any prominent price shifts over the past few hours, at press time. Ethereum [ETH], the second largest cryptocurrency by market cap, was also pictured undergoing bearish market movement.

1-hour

On the one-hour chart, the cryptocurrency showed a downtrend from $138.94 to $137.24. However, the coin recorded two uptrends; from $133.51 to $138.35 and from $124.88 to $135.23.

The cryptocurrency faced immediate resistance at $137.26 and a strong resistance at $138.95. The coin’s immediate support was marked at $134.89 and stronger support was found at $123.99.

Parabolic SAR showed that the coin was being pushed back towards the bear’s side as the dots were aligned on top of the candlesticks.

Klinger Oscillator was clearly standing next to the bear as the reading line closed below the signal line.

RSI showed that the buying and the selling pressures were at an equilibrium.

1-day

On the one-day chart, the coin showed a notable downtrend from $218.66 to $137. The uptrends for the cryptocurrency were pictured to extend from $83.74 to $103.22 and from $103.22 to $125.24.

MACD painted a red future for the cryptocurrency as the moving average line stayed below the signal line after a crossover.

Chaikin Money Flow tried to support the coin by the circulation of money into the market.

Bollinger Bands showed that despite some volatility for the cryptocurrency, the coin was moving towards a stabilized market.

Conclusion

The MACD from the one-day chart and the Parabolic SAR and Klinger Oscillator from the one-hour chart projected a bearish wave in the ETH coin market.