The past was witness to multiple changes in the cryptocurrency markets as there was a clash between the bull and the bear. As the week came to a close, several coins fell prey to the bear with a few outliers still in the green. Ethereum could resist the bear to an extend where its weekly gains fell from double-digit highs to 7.78 percent.
Ethereum had stabilized in the short term to settle at $1831. After the recent support break, holders of the cryptocurrency were waiting with bated breath for the $2000 breach. The trend line since the 28th has been positive with technical indicators pointing to a bullish forecast.
Ethereum 1 hour:
The Relative Strength Index struggled to move past the halfway line as it trudged near the oversold zone. Short term investors pulling out is the main reason for the dip triggered by coin selloffs. Once the price action settles, one can expect an influx of new ETH buyers.
Ethereum’s Chaikin Money Flow Indicator breached the zero line ever so lightly on Friday. An earnest boost by ETH proponents resulted in a wave of new investments. The MACD indicator displayed a slight convergence between the signal line and MACD line. If the pattern is maintained, Ethereum would be heading for a bullish crossover soon in the short term.
Ethereum 1 day:
Ethereum’s long-term performance improved in mid-June as shown by the price candles. Although the gain was minimal, it was enough to avoid another support break. Ever since the gains stopped, the dip in investors sentiment was indicated by the RSI.
A sharp decline in the graph pointed to a vast number of holders ditching their ETH. The Chaikin Money Flow indicator had fallen below the zero line unlike in the hourly charts.
The MACD lines blinked green as both signal and MACD line headed for a convergence. As the MACD histogram showed green, users could be reassured that the bearish dips were opportunities to “buy the dip”.