In the last week, Ethereum has attempted to follow Bitcoin’s exuberance on the price charts. Although the value of the largest altcoin had fallen in the hourly spectrum, Ethereum held its fort on the daily charts.
At press time, Ethereum was trading for $3037, with a total market cap of $353.67 billion. An hourly fall of 3.2 percent had barely affected the increased trading volume of $28.43 billion. The 7-day hike of 17.45 percent was one of the biggest in the top 10 cryptocurrency club, only bettered by Uniswap and Dogecoin.
Ethereum 1 hour:
Since crossing the $2000 mark, Ethereum has only grown in leaps and bounds. The immediate support maintained just below $2500 with the price action only pushing it upwards.
Ethereum’s Relative Strength Index had shot up indicating a shift in buying momentum. The graph had made a u-turn ever since it fell into the oversold zone. Even the Parabolic SAR sided with the bull with the markers staying below the price candles.
The hourly CMF stayed below the zero line despite its sudden hike on June 9. Once the capital increases, Ethereum users can expect an upward tick on the CMF.
Ethereum 1 day:
The second half of July spurred a sudden green run as Ethereum formed 13 consecutive green candles for the first time in 2021. Long-term support maintained near the $1700 mark which was created in June.
PSAR markers have been below the price candles for extended periods of time. The formation of two consecutive red candles may indicate a price downturn.
Both the RSI and the CMF were completely bullish with significant hikes in the past couple of weeks. The RSI was teetering on the threshold of the overbought zone while the Chaikin Money Flow indicator hit the 0.39 mark for the first time since May.