Ethereum reaches an impasse and bulls and bears tussle to establish dominance
Ethereum [ETH], the second-largest cryptocurrency by market cap was priced at $160.54. The virtual asset dropped by 1.69% in the last 24-hours. With the market cap of $17.25 billion, the digital asset recorded $5.6 billion as the 24-hour volume. Most of the volume was generated over CoinEgg exchange via trading pair, LTC/ETH.
1-hour chart
Resistance 1: $175.34
Resistance 2: $162.72
Support 1: $156.93
Parabolic SAR indicated bullish traits as the dotted markers were present above the candles.
The MACD line crossed above the signal line, pointing towards a bullish outbreak.
Chaikin Money Flow line was positioned at 0.05. As it remained above the zero-line, it pointed out that a higher amount of capital was flowing into the market.
1-day chart
Resistance 1: $272.26
Resistance 2: $224.44
Support 1: $156.93
The Bollinger Bands were squeezed, depicting reduced volatility in the market.
Awesome Oscillator indicated a bearish setting opportunity as long-term momentum was greater than the short-term momentum. The appearance of green lines further indicated the possibility of a bullish market.
The RSI indicator indicated that ETH is very close to being oversold.
Conclusion
Despite the fact that ETH showed good signs of growth in the market, the long-term graph demonstrated a bearish market as the price was diminishing.
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