Ethereum [ETH/USD] Technical Analysis: Bulls are ready for an uphill run

Ethereum [ETH] seems to be doing well even though the bears took over the market from the bulls. At press time, Ethereum was trading at $209.07, with a market cap of $21.75 billion and a 24-hour trade volume of $1.48 billion.

1-hour

Source: Trading View

The one-hour chart for Ethereum is spontaneous, with a lot of peaks and valleys. The uptrend ranges from $198.11 to $207.38, which then breaks up and continues up to $209.51.

The downtrend spans from $219.53 to $210.85. The immediate support is at $207.38, which was formed on November 11. If the prices decide to slip below the support, there are two more supports, one at $206 and the other at $198.05.

The Bollinger Bands are facing an expansion, indicating a slight increase in volatility for ETH. The prices are holding above the simple moving average, indicating a bullish move. The prices have bounced off the upper Bollinger band [over-bought] and have reached the center.

The Aroon indicator shows that the uptrend has gained traction since the Aroon up line has topped after a crossover with the Aroon downline. Alternatively, the Aroon downline has hit the bottom indicating that the downtrend strength has diminished.

The Relative Strength Index line at 45, which is very close to the neutral line i.e., 50. The RSI is neither indicating an overbought nor oversold. It is neutral.

1-day

Source: Trading View

The downtrend in the one-day chart shows its significance as it ranges from $536 to $218.66, with a few breaks in between. There doesn’t seem to be an uptrend as the prices have resorted to sideways movement. The support has its roots spread strongly as the prices bounced off the support at $182.79.

There are multiple long-term resistances set up starting at $247.76. The next resistance is set up at a higher price with a subsequent gap at $317.55. The last resistance was at $478.79.

The Parabolic SAR is showing a bullish indication as the markers have formed below the candles. The markers are, however, getting closer to the candles.

Awesome Oscillator is showing a short-term bearish indication as the spikes have reversed and have formed above the zero line.

The MACD indicator is showing a bullish sign as well, as the MACD line has crossed over the signal line. The MACD histogram also shows the same as green bars are forming above the zero line.

Conclusion

In the one-hour chart, the Aroon indicator is indicating an uptrend while Bollinger bands indicate a bullish move. RSI is very neutral in the one-hour chart. The one-day chart is brimming with positivity as Parabolic SAR and MACD indicate a bullish trend in the long-term run for Ethereum.

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