Ethereum [ETH/USD] Technical Analysis: Token prepares for its stay in second position

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The year has started with all the cryptocurrencies colored in both red and green, showing investors that the market could go either way based on the factors influencing it. Amidst this, Ethereum [ETH] has successfully regained its second position in the market by surpassing XRP in terms of market cap.

According to CoinMarketCap, at press time, Ethereum was trading at $146.60 with a market cap of $15.26 billion. The cryptocurrency recorded a trading volume of $2.51 billion and has seen a rise of more than 10% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: Trading View

The one-day chart is demonstrating a downtrend from $156.04 to $140.25. The uptrend has marked its start line at $115.94 and end line at $132.34, and continued to move further to rest at $139.33. The immediate resistance for the cryptocurrency is set at $143.73 and the strong resistance is at $156.16. The coin has set its immediate support at $129.93 and its strong support at $113.33.

Bollinger Bands is showing that the market is going to be volatile as the coin attempts to stay in its current position in the market.

Parabolic SAR is bullish on the coin’s battle against the XRP as the dots have aligned below the candlesticks

Chaikin Money Flow is also on the same page, as it is showing that the money has started to flow into the market.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

In the one-day chart, the cryptocurrency records a sharp downtrend from $466.01 to $139.75. The uptrend is pictured to be from $83.74 to $114.53. The chart also shows another slight uptrend from $114.53 to $130.66. The immediate resistance can be seen at $179.22 and the strong resistance has found its base at $318.16. The cryptocurrency has set its immediate support at $114.44 and its strong support at $82.79.

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

MACD is showing that the market is currently bullish for the coin as the moving average line is made a crossover to take the upward direction.

Klinger Oscillator, on the other hand, is doubtful of the coin’s victory, as the reading line has made a crossover to take the downward direction.

Conclusion

Majority of the indicators are bullish on the coin’s victory. This includes MACD from the one-day chart, Parabolic SAR and Chaikin Money Flow from the one-hour chart. Only Klinger Oscillator is showing bearish sign.

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