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Ethereum [ETH/USD] Price Analysis: Bull drops by for short visit

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The cryptocurrency market continued to show signs of a dilemma in terms of choosing the bull or the bear on March 15. Ethereum [ETH], the second largest cryptocurrency by market cap, was also following the same trend and was in the bear’s territory. According to CoinMarketCap, at press time, Ethereum was trading at $134.66 with a market cap of $14.17 billion. The coin’s trading volume was recorded to be $4.58 billion and dropped by over 2% in the past seven days.

1-hour

Ethereum one-hour price chart | Source; Trading View

Ethereum one-hour price chart | Source: Trading View

The one-hour price chart demonstrated a strong downtrend from $137.13 to $132.73. The uptrend for the coin was noted from $129.29 to $130.81.

The immediate resistance for the cryptocurrency was at $133.66 and the strong resistance was at $135.59. The support grounds for the cryptocurrency were positioned at $130.69 and 129.27.

MACD pointed to a bull market as the moving average line shifted lanes and placed itself above the signal line after a crossover.

Bollinger Bands made space for more price movements and forecasted a volatile market for the cryptocurrency.

RSI showed that the buying pressure for the coin canceled the selling pressure. However, the line was moving towards the overbought side.

1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: Trading View

The downtrend for the cryptocurrency on the one-day chart was outlined from $218.66 to $157.55 and further down to $132.81. The uptrends for the cryptocurrency were from $83.74 to $103.21, and from $103.22 to $131.16.

The coin’s immediate resistance was at $137.88 and the strong resistance was at $157.66. The immediate support for the coin was at $125.19 and the strong support was at $82.72.

Klinger Oscillator showed that the long-term future for the coin sided with the bear as the reading line was below the signal line after a crossover.

Parabolic SAR was also on the same page as the dotted lines were above the candlesticks.

CMF showed that the money was moving out of the market, making a move towards the bear’s kingdom.

Conclusion

Despite a green wave on the one-hour chart, the long-term wave continued to forecast red. This was because of the unwavering support of Klinger Oscillator, Parabolic SAR and CMF from the one-day chart.

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