Ethereum [ETH/USD] Technical Analysis: Bear’s win is crystal clear in the market
Ethereum [ETH], the cryptocurrency which was once the second biggest cryptocurrency by market cap, seems to be enjoying its third position. The coin that lost to XRP has succumbed to the bear has it continues to make new low records.
According to CoinMarketCap, at press time, Ethereum is trading at $132 with a market cap of $132.73. It has a trading volume of $2.25 billion and has plummeted in the market by 24.94% in the past seven days. In the one-hour chart, the coin shows a downtrend from $174.70 to $135.26. It pictures an uptrend from $124.50 to $130.26, and further up to rest at $133.52. The cryptocurrency demonstrates an immediate resistance at $136.42 and a strong resistance at $157.44. The coin has a immediate support $130.14 and a strong support at $124.32.The Bollinger Bands are indicating that the bands are trying to get closer to each other, demonstrating a less volatile market for the cryptocurrency.Parabolic SAR is currently picturing the bull’s grand entry in the market as the dots have aligned below the candlesticks.Chaikin Money Flow is also applauding the bull’s entry as the indicator depicts that the money is flowing in the market as the CMF line is above the zero line.
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 3rd largest cryptocurrency by market cap size. It is down 2.53% over the past 24 hours and is currently trading at $131.38. It can be bought with fiat dollars, credit cards, or debit cards on cryptocurrency exchanges such as Coinbase, CEX.io, and Changelly.