Ethereum to rise in short term due to high selling pressure

Ethereum was trading at $185.40 with a total market capitalization of around $20 billion and has seen a climb of 0.38% on the 24-hour price chart. The second-largest altcoin has seen only its second death across since it came into inception, and bears have been on the dominant side for the majority of the year.

On the basis of the one-hour price chart, Ethereum is forming lots of support at $179.14, while the immediate resistance is at $186.61. ethereal was showing an uptrend from $186.44 to $187.77.

According to the Bollinger band indicator shows the high price volatility on the 11th of October, but since then, there has been quite a decline in the volatility of the altcoin.

The RSI indicator indicated that the buying pressure had been quite high from the last two days, while sellers took around an upper hand for a brief period on the 13th of October.

The MACD line went under a bullish cross of around with the signal line today, and since then, the market has looked so bullish.

1-Day Price Chart

On the one-day price chart, the support is even forming at $163.46, while on the other hand, resistance price that Ethereum needs to break via stands at $197.00. Ethereum is also seeing a downward trend starting from the $225.68 to $197.22.

The prices remained above the Parabolic SAR indicator acting as a support, which suggested the market looked bullish.

The Chaikin Money Flow or popularly known as the CMF showed that the selling pressure has been higher since the 30th of July, which eased up in the month of August and rose back in September again, which continues a similar trend in the October as well.

To Sum Up

The Ethereum price analysis of 1 hour and one day shows the bullish sentiment that was high in the short term while the selling pressure is getting much higher.

Back to top button