Ethereum [ETH], the leading cryptocurrency and smart contract platform, was making a significant move in the market yesterday. The coin seems to have regained its strength in the market as it overthrew XRP to take hold of the second position in the market.
According to CoinMarketCap, at press time, Ethereum was trading at $120.43, with a market cap of $12.62 billion. The coin’s trading volume was $3.07 billion and had seen a surge of over 11.94%.
The one-hour chart pictures a downtrend from $123.93 to $119.67 for the cryptocurrency. Whereas, the uptrend is outlined from $103.27 to $118.19. The resistance points for the coin is laid down at $121.40 and $123.97. The coin has found its immediate support ground at $118.01 and its strong support at $102.58.
MACD is forecasting a bearish move for the short-term as the moving average line is pictured below the signal after a crossover.
Parabolic SAR is also in complete agreement as the dots have placed itself above the candlesticks, attempting to suppress the coin in the market.
CMF, on the contrary, is still betting on the bull as the indicator shows that the money is still flowing into the market for the coin.
The one-day chart demonstrates a downtrend from $295.06 to $123.93. The coin’s uptrend is recorded from $83.74 to $103.22. The immediate resistance for the coin can be pictured at $124.09 and the strong resistance is at $156.04. The cryptocurrency’s support levels are seen at $103.16 and $82.79.
Klinger Oscillator is showing a bullish reign ever since reading line and the signal line had a crossover, with reading line deciding to take the direction pointing north.
RSI is showing an evened out market for the coin as the buying pressure is equally met with the selling pressure.
Bollinger Bands is forecasting a less volatile market for the coin as the bands are seen close to each other, making less room for major price swings to take place.
The coin is predicting a bearish movement in the one-hour chart, as MACD and Parabolic SAR are sharing the same view on the coin’s short-term move. Nonetheless, the coin still has hope in the one day chart as Klinger Oscillator is seen supporting the coin.