Ethereum went through weeks of bearishness, after which the king of altcoins rose above the $1,000 mark. Over the past 24 hours, it is up nearly 9% but in the past week, the coin recorded a double loss of 22%.
The coin moved below the $900 mark but with buying power slowly recovering, ETH moved higher on the chart. It is not possible to say for sure whether Ethereum will continue to move north as the technical outlook remains very suspicious.
Bears are still in control of the market and if the coin drops from the $100 mark, the next trading area is between $700-$900. Buyers can then enter the market again and reclaim the price of the asset. Buyers can enter the market again if ETH drops to the above mentioned trading area. ETH has been quite bearish for over ten weeks now.
Ethereum Price Analysis: Four Hour Chart
ETH is up on its chart after touching the lows of $900 at the time of writing. The asset is priced at $1090 on the four-hour chart. The coin’s upper resistance is $1,200. Another blow from the sellers will bring the price down near the $800-900 mark.
On the four-hour chart, Ethereum is again slightly lower, indicating a bearish impact on the market. Asset volume has decreased which means less buying. The red volume bar once again indicated bearish price action.
With ETH rising on the chart, the buying power in the market increased as well. On the four-hour chart, the currency has shown a downtrend in buying power indicating the possibility of a further decline in the price. The RSI was near the 50 mark, after noticing a decline.
The RSI was still positive which means that the buying power has ousted the selling power. With buying power emerging, corresponding to the same, ETH price rose above the 20-SMA line. Price above the 20-SMA means that buyers were responsible for driving the price momentum.
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A brief rally in relief caused buyers to return to the market. Moving average convergence divergence depicting the price direction and change in the same uptrend signals plotted. The MACD saw a bullish cross and a flashing green signal bars which is being interpreted as a buy signal for the currency.
If buyers continue to dominate ETH, they may soon target the immediate price resistance mark. Chaikin Money Flow also depicted the recovery on the chart. The indicator depicts the state of capital outflows and inflows. At the time of publication, the CMF is off on a half line which represents an equal amount of capital inflows and outflows for ETH.