Ethereum [ETH/USD] Technical Analysis: Bull drops by for a meet & greet

Bitcoin [BTC] and other cryptocurrencies in the market witnessed a sudden boost in its price yesterday, recording a massive movement within a few minutes. Some of the cryptocurrencies recorded a huge rise during the bull’s unexpected visit to the market, including top coins such as Ethereum [ETH] and Monero [XMR]

According to CoinMarketCap, at press time, Ethereum was trading at $128.98, with a market cap of $13.46 billion. The trading volume for the currency is $2.72 billion and the coin still pictures a hike of over 8% in the past 24 hours.

1-hour

In the one-hour chart, the cryptocurrency pictures a downtrend from $149.95 to $129.18. The uptrend for the coin is outlined from $114.35 to $116.38, and $116.86 to $128.16. The immediate resistance for the coin is at $129.49 and the strong resistance is at $132.91. The cryptocurrency’s immediate support is set at $127.74 and the strong support is at $114.32.

Bollinger Bands are currently showing a high volatile market for the cryptocurrency.

Chaikin Money Flow is predicting a bullish wave as the line is above the zero line, showing that the money has started to flow into the market for the coin.

Parabolic SAR is also showing a bullish trend as the dots have aligned below the candlesticks.

1-day

The one-day chart demonstrates a downtrend from $499.01 to $155.91. The uptrend is pictured from $83.74 to $115.61. The immediate resistance for the coin is at $156.09 and the strong resistance is at $218.79. However, the immediate support can be spotted at $114.43 and the strong support is at $82.81.

Klinger Oscillator is forecasting a bearish trend as the reading line is pictured below the signal line after a crossover.

MACD is also on the same page as the moving line is placed well below the signal line after a crossover, with histogram painted in red, acting as an additional factor for the forecast.

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

Conclusion

The market is forecasting a short-term bullish wave and a long-term bearish wave. The bull is currently pictured alongside Parabolic SAR and CMF from the one-hour chart. The bear, on the other hand, is currently pictured with Klinger Oscillator and MACD from the one-day chart.