![Ethereum [eth/usd] technical analysis: coin will be held captive by the bear for a longer duration](https://ohiobitcoin.com/storage/2019/01/Screen-Shot-2019-01-19-at-2.14.28-PM.png "Ethereum [eth/usd] technical analysis: coin will be held captive by the bear for a longer duration")
Since the past few days, the cryptocurrency market has neither seen a dramatic fall nor a rise. The price of all the coins seems to be stable even though they are controlled by the bear.
According to CoinMarketCap, at press time, Ethereum was trading at $121.51 with a market cap of $12.69 billion. The trading volume of the cryptocurrency is pictured to be $2.25 billion and the coin has plunged by over 4% in the past seven days.
1-hour
Ethereum one-hour price chart | Source: Trading View
In the one-hour chart, the coin shows a downtrend from $150.73 to $120.51. The uptrend for the coin is registered from $114.35 to $118.87. The coin has to first breach the immediate resistance level, which is set at $122.56 to proceed onto the strong resistance level, which is set at $129.47. The immediate support of the cryptocurrency is at $117.91 and the strong support is at $114.30.
Klinger Oscillator is currently forecasting the bull’s presence in the market for the cryptocurrency as the reading line is pictured above the signal line after a crossover.
RSI is showing that the buying pressure for the cryptocurrency is evened out by the selling pressure for the coin.
Bollinger Bands is picturing a less volatile market as the bands are seen closing in on each other.
1-day
Ethereum one-day price chart | Source: Trading View
The one-day chart demonstrates a downtrend from $618.63 to $115.91 and from $149.49 to $122.53. The cryptocurrency has recorded an uptrend from $83.74 to $115.61 and takes more steps forward to rest at $119.53. The immediate resistance for the coin is set at $156.06 and the strong resistance is at $218.94. The coin has set its immediate support ground at $114.17 and its strong support ground at $82.71.
MACD is forecasting a bearish market as the moving average line is currently seen below the signal line, after the two had a crossover.
Chaikin Money Flow is also predicting a bearish market as the money is flowing out of the market for the coin.
Parabolic SAR is on the same page as the dots have aligned above the candlesticks.
Conclusion:
The coin will continue to be held captive by the bear as the long-term players are in its support. This includes MACD, Chaikin Money Flow, and Parabolic SAR from the one-day chart.
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Published at Mon, 21 Jan 2019 07:03:43 +0000
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