The market has returned to its mild movements with a hint of a sideways trend. Ethereum, the second-largest cryptocurrency, is also showing a slight downturn in its price at the moment.
At press time, ETH was down by 0.73%, trading at $212.46 with a market cap of 21.9 billion. The total 24-hour trading volume was recorded at $1.73 billion.
In this timeline, the uptrend extends from $207.36 to $210.34 while the downtrend ranges from $219.59 to $215.2. A possibility of trend breakout is not visible as of now, as the prices have comfortable space to move.
The Awesome Oscillator is flashing green on the ETH chart, depicting a healthy outlook on the market prediction.
The Klinger Oscillator made a bullish crossover with the signal line and is currently traveling above it. Hence, the indicator is bullish on the Ehereum market.
The Chaikin Money Flow agrees with the two above indicators. The reading line is approaching the bull’s land, pointing at an imminent positive price run.
In this scenario, the downtrend and the uptrend are ranging from $456.44 to $202.42 and $183 to $188.35 respectively. However, there is still time for a breakout in the price trend to occur as the price does not appear concentrated enough.
The Bollinger bands are not indicating much volatility in the Ethereum market as the bands are still running a narrow pattern on the chart.
The Parabolic SAR is bullish on the Ether price. The dots are floating below the candlesticks, establishing support for the trend.
The RSI is also bullish on the ETH market. The reading line is showing a consistent climb to side with the bull.
In this technical analysis, it has been observed that the majority of the indicators are bullish on the Ethereum price trend. However, the upturn could be mild as the Bollinger bands are depicting low volatility in the market.
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Author: Priyamvada Singh