Ethereum [ETH/USD] Price Analysis: Bulls lose control after Constantinople hard fork

Ethereum [ETH], the second largest cryptocurrency by market cap and leading smart contract platform, crossed another milestone with the successful launch of Constantinople and St. Petersburg hard fork. However, the price of the cryptocurrency continues to fall, despite the key upgrades.

According to CoinMarketCap, at press time, Ethereum was trading at $136.65 with a market cap of $14.35 billion. The cryptocurrency’s trading volume was $4.2 billion, while the coin witnessed a significant loss of over 7% in the past seven days.

1-hour

Ethereum one-hour price chart | Source: Trading View

Ethereum one-hour price chart | Source: TradingView

In the one-hour price chart, a downtrend for the cryptocurrency was seen from $162.79 to $135.60 while the uptrend was outlined from $128.93 to $135.27. Immediate resistance for the cryptocurrency was set at $139.15 and strong resistances for the coin were found at $140.56 and $164.16. The support for the coin was pictured at $128.89.

Bollinger Bands were pictured close to each other, forecasting a less volatile market for the cryptocurrency.

Klinger Oscillator showed that despite the bear’s attack, the bull held the fort in the market. This was exhibited by the reading line found above the signal line after the bullish crossover.

RSI showed that the buying pressure for the cryptocurrency was evened out by the selling pressure.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

In the one-day chart, the cryptocurrency recorded downtrends from $295.06 to $157.55 and $157.55 to $134.36. The uptrends, on the other hand, were recorded from $82.82 to $103.33 and $103.33 to $134.36. The immediate resistance for the cryptocurrency was at $131.78 and strong resistances were found at $157.66 and $218.72. The immediate support ground for the coin was at $103.01, with another strong support at $82.71.

MACD had the moving average line below the signal line, suggesting a bearish outlook for the coin after the crossover.

Chaikin Money Flow suggested that money circulation in the market was falling as the indicator was moving towards 0.

Parabolic SAR was on the same page as MACD as the dotted markers were pictured aligned above the candlesticks.

Conclusion

The bulls seem to have lost control of the coin to the bears, as is evidenced by indicators such as the Parabolic SAR and MACD being on the bear’s side.

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