The cryptocurrency market’s rollercoaster movement has been a sight to see for the past couple of weeks with big names making waves on the charts. Despite the lack of stellar price movements, some major altcoins were still maintaining their pedigree with Ethereum being a major example.
After struggling through a bearish phase recently, the second-largest cryptocurrency on the charts bounced back strongly with a decent weekly performance. Ethereum and the rest of its compatriots were all bleeding in the short term but the long term charts still blinked green.
The Ethereum community has been waiting on the flanks for a long time to witness some major updates within the ecosystem. One of the most hyped developments around Ethereum was Ethereum 2.0 with the launch expected to occur soon. At press time, Ethereum was trading for $353.25 with a total market cap of $39.84 billion. A 1.97 percent dip in value had also lowered the daily trading volume to $14.46 billion.
Etheruem’s technical analysis showed a price stagnation that was in tandem with the behavior since the beginning of August. The current immediate support was at $320.4 while the immediate resistance was locked at $476.18. Some members of the Ethereum community expect a price shoot up once its major peripherals are released.
The technical analysis of Ethereum signaled the impact of the bear on the cryptocurrency. The Parabolic SAR was above the price candles which indicated an upcoming bear run. Since the start of August, the PSAR markers have been mostly above the price candles. At the same time, the Relative Strength Index had climbed slightly above the oversold zone. This meant that more people were selling ETH than buying into it.
According to the charts, the Chaikin Money Flow indicator was the only metric that showed bullish reminiscence. At press time, the CMF was above the zero line which meant that the capital coming into the Ethereum market was more than the capital leaving the market. Ethereum was currently following the behavior of the rest of the cryptocurrency market and if the indicators are to be believed, then the bearish atmosphere will be present for some more time.