Ethereum went through a week of bearishness after the king of altcoins pushed above the $ 1000 mark. Over the last 24 hours, it has risen close to 9% but in the past week, the coin has registered a double -digit loss of 22%.
The coin even moved below the $ 900 mark but as buying strength slowly recovered, ETH was up on the chart. It can’t be said with certainty that Ethereum will continue to move north because the technical prospects still remain dicey.
The Bears still control the market and if the coin falls from the $ 100 mark, the next trading zone is between $ 700- $ 900. Buyers can then enter the market again and recoup the price of the asset. Buyers can re -enter the market if ETH plunges into the trading zone. ETH has been completely bearish for more than ten weeks now.
Ethereum Price Analysis: A Four Hour Graph
ETH is up on the chart after touching the $ 900 low at the time of writing. The asset is priced at $ 1090 on the four -hour chart. The overhead resistance for the coin is at $ 1200. Another blow from the sale will cause the price to drop close to the $ 800- $ 900 mark.
On the four -hour chart, Ethereum is again slightly absorbing bearish influence in the market. Asset volume is down which means less buying. The red volume bar again points to bearish price action.
With ETH spiking on the chart, buying power has also increased in the market. On the four -hour chart, the coin shows a decline in buying power because there may be a lower price. The Relative Strength Index is near the 50 mark, after recording a downtick.
The RSI is still positive which means buying power overturns selling power. As buying strength emerges, corresponding to the same, the price of ETH rises above the 20-SMA line. A price in the top 20-SMA means buyers are responsible for driving price momentum.
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A brief relief rally caused buyers to start returning to the market. The Moving Average Convergence Divergence that reflects the price direction and changes in the same bullishness signs. The MACD experienced a bullish crossover and flashed a green signal bar which was considered a buy signal for the coin.
If buyers continue to dominate ETH they can immediately target the price resistance mark immediately. Chaikin Money Flow also reflects a recovery on the chart. The indicator reflects the status of capital inflows and inflows. At press time, the CMF is parked on half a line representing the same amount of capital inflows and outflows for ETH.