Ethereum [ETH/USD] Technical Analysis: Will the bull knock the bear dead?


Ethereum [ETH], the second-largest cryptocurrency, is currently moving sideways in the market after the evident collapse of all the coins across the board this week. The cryptocurrency is in the green zone but has not gained much momentum in terms of price performance.

At the time of writing, Ethereum was trading at $199 with a market cap of $20.5 billion. It is currently up by 1.36% with a total trading volume of $1.24 billion in the past 24 hours. The cryptocurrency touched $230 but soon depreciated to $188.71 in a week’s time. In the 1-hour ETH candlesticks, the support line is observed to be maintaining the price above $188. The downward trend line ranging from $233.62 to $198.23 has been acting as the resistance, leaving much scope for the price to rise.The Chaikin Money Flow [CMF] indicator remained bearish for a while but turned bullish later, currently advocating a healthy run for the ETH market.The MACD is also following the CMF’s prediction, supporting a positive speculation for the cryptocurrency. The signal underwent several major crossovers by the MACD with the latest intersection appearing to be bullish.Commenting on the volatility aspect of the ETH price, Bollinger band has formed a bottleneck, apparently indicating towards an increase in fluctuation.

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About Ethereum (ETH): Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middleman or counterparty risk.The project was bootstrapped via an ether presale in August 2014 by fans all around the world. It is developed by the Ethereum Foundation, a Swiss non-profit, with contributions from great minds across the globe.

Ethereum (ETH) is the 2nd largest cryptocurrency by market cap size. It is up 0.18% over the past 24 hours and is currently trading at $199.31. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.

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