Ethereum [ETH], the 2nd largest cryptocurrency in the world is currently showing massive inactivity in the cryptocurrency market, twinning with its fellow coins.
At the time of writing, the token was up by 0.0.02%. It was trading at $203.5 with a market cap of $20.9 billion. The 24-hour trading volume was recorded at a little over $1 billion.
In the scenario of 1-hour timeframe of ETH candlesticks, the downtrend from $203.18 to $201 and the uptrend from $199 to $200.7. A breakout in the market trend is possible as an upcoming convergence of the two lines is on its way.
The Awesome Oscillator is flashing red at the Ether market and is suggesting a downtrend for the cryptocurrency.
The Klinger Oscillator made a bearish crossover and is following a path beneath the signal line. The indicator looks indicative of a bearish market as well.
The Chaikin Money Flow was riding the bull but has been commanded by the bear to crash a new party. As of now, the reading line is traveling downhill, crossing the 0-mark.
In this case, the trendlines are ranging from $466.7 to $200.9 [downward] and $182.9 to $188.4 [upward]. The two lines are seemingly forming a descending triangle in the market, depicting a bearish trading pattern.
The Bollingers Bands are closing the bottle-neck to create to concentrate the price trend for Ether. The volatility is predicted to be on a decrease, as suggested by the bands.
The Parabolic SAR is predictive of a downward walk of Ethereum. The dots are aligned above the candles to suppress a positive prediction.
The RSI is in denial and has been behaving neutrally towards the token. The reading line fluctuated on a small scale but has approached a straight path to refuse a prediction.
This technical analysis is suggestive of the bearish rule as all of the indicators used above are flashing warning signs for the Ethereum price trend.
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