Ethereum [ETH/USD] Technical Analysis: Bull to be the knight in shining armour for coin
Ethereum [ETH], the third-largest cryptocurrency by market cap, is currently in the jaws of the bears. The coin, which used to be the second biggest currency, has now plunged to its lowest point for the year, crushing the sentiments of the investors.
According to CoinMarketCap, at press time, Ethereum was trading at $99.52, with a market cap of $10.31 billion. The coin shows a trade volume of $2.31 billion and has plunged by more than 7% in the past 24 hours. Notably, the previous time the cryptocurrency was trading at this level, is recorded to be in the month of May 2017, showing that the coin is not up for the run as that of December 2017.
In the one-hour chart, Ethereum shows a downtrend from $123.25 to $118.49. It also records another steep fall from $101.32 to $98.46. The immediate resistance for the coin is at $102.17 and the strong resistance is at $107.44.
Parabolic SAR has thrown the coin to the bear’s clutches…
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