The cryptocurrency market continued to show signs of a dilemma in terms of choosing the bull or the bear on March 15. Ethereum [ETH], the second largest cryptocurrency by market cap, was also following the same trend and was in the bear’s territory. According to CoinMarketCap, at press time, Ethereum was trading at $134.66 with a market cap of $14.17 billion. The coin’s trading volume was recorded to be $4.58 billion and dropped by over 2% in the past seven days.
The one-hour price chart demonstrated a strong downtrend from $137.13 to $132.73. The uptrend for the coin was noted from $129.29 to $130.81.
The immediate resistance for the cryptocurrency was at $133.66 and the strong resistance was at $135.59. The support grounds for the cryptocurrency were positioned at $130.69 and 129.27.
MACD pointed to a bull market as the moving average line shifted lanes and placed itself above the signal line after a crossover.
Bollinger Bands made space for more price movements and forecasted a volatile market for the cryptocurrency.
RSI showed that the buying pressure for the coin canceled the selling pressure. However, the line was moving towards the overbought side.
The downtrend for the cryptocurrency on the one-day chart was outlined from $218.66 to $157.55 and further down to $132.81. The uptrends for the cryptocurrency were from $83.74 to $103.21, and from $103.22 to $131.16.
The coin’s immediate resistance was at $137.88 and the strong resistance was at $157.66. The immediate support for the coin was at $125.19 and the strong support was at $82.72.
Klinger Oscillator showed that the long-term future for the coin sided with the bear as the reading line was below the signal line after a crossover.
Parabolic SAR was also on the same page as the dotted lines were above the candlesticks.
CMF showed that the money was moving out of the market, making a move towards the bear’s kingdom.
Despite a green wave on the one-hour chart, the long-term wave continued to forecast red. This was because of the unwavering support of Klinger Oscillator, Parabolic SAR and CMF from the one-day chart.
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