Ethereum [ETH/USD] Technical Analysis: Bull drags the bear down
Ethereum [ETH], the third-largest cryptocurrency, has stepped into the new month painted red. The coin had started its journey to the top last year this time and it seems like the magic is now waved off as the currency is going downhill.
According to CoinMarketCap, at press time, Ethereum was trading at $112.35, with a market cap of $11.63 billion. The cryptocurrency has a trading volume of $2.06 billion and has plunged by 5.25% in the past 24 hours.
In the one-hour chart, the coin pictures an uptrend from $102.01 to $110.90. It also demonstrates a downtrend from $136.10 to $123.26. The coin has an immediate resistance at $113.93 and a strong resistance at $123.27. The immediate support for the coin is recorded at $101.98 and a strong support is at 100.93
Parabolic SAR is indicating a bullish wave as the dots have aligned below the candlesticks, pushing the coin in upwards direction.
Chaikin Money Flow also shares a…
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