The cryptocurrency market has seen a price movement punctuated by bearish and bullish trends over the past few days. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP have all struggled to break their resistances with investors and HODLers still hopeful for a rapid upsurge. Ethereum has been in the news with technology bigwigs and economists commenting on the pros and cons of the network.
The trend lines for Ethereum [ETH] indicate a downward trend with the cryptocurrency clearly unable to break its resistance. ETH was holding its support at $197.23, which was established on 19th October while the resistance is at $205.08.
The Bollinger bands show Ethereum at the end of an outbreak with both the upper Bollinger band and the lower Bollinger band converging, a sign of a bearish trend. All the candles are contained within the Bollinger cloud with just one bearish candle breaking out of it. Ethereum’s chart is reflective of the entire cryptocurrency market as a whole, shown by multiple smaller outbreaks over the past few hours.
Ethereum’s RSI chart indicates the cryptocurrency tending towards the oversold zone, which is a result of the increase in selling pressure over buying pressure. Comparative analysis of Ethereum over the past few days show a change in ETH’s price behavior which was majorly skewed towards the overbought zone.
The Parabolic SAR shows a predominantly bearish run with sporadic bullish spikes. The markers go in tandem with the candles as well as the MACD graph.
The MACD graph comprises of the signal line and the MACD line crossing over multiple time over the past few days. The last crossover between the two lines paint a picture of Ethereum on a slight bullish run.
The majority number of indicators put Ethereum [ETH] on the bear’s path. The MACD graph, on the other hand, is the only indicator of the analysis that points to a bullish spike.