Ethereum went through a bearish week after which the altcoin king went above the $1000 mark. Over the past 24 hours, it gained close to 9%, but over the past week, the coin posted a double-digit loss of 22%.
The coin also moved below the $900 mark, but as the buying power gradually recovered, ETH extended an upward move on the charts. It cannot be said with certainty whether Ethereum will continue to move north as the technical outlook remains quite tough.
The bears are still in control of the market and if the coin falls past the $100 mark, the next trading area lies between $700-$900. Buyers can re-enter the market and reclaim the asset’s price. Buyers can re-enter the market if ETH falls into the above trading zone. ETH has been completely bearish for over ten weeks.
Ethereum Price Analysis: Four-Hour Chart
At the time of writing, ETH has climbed the charts after touching a low of $900. The asset was trading at $1090 on the four-hour chart. Overhead resistance for the coin was at $1,200. Another shock from the sellers will take the price closer to the $800-$900 mark.
Ethereum is again indicating a bearish effect in the market on the four-hour chart. Asset volume had fallen which meant short buying. The red volume bar is again pointing to bearish price action.
technical analysis
Buying power in the market also increased with the rise of ETH on the charts. On the four-hour chart, the coin showed declining buying strength, noting that the price may see further downside. The relative strength index was close to the 50-mark after the fall.
The RSI was still positive which meant that buying strength outpaced selling power. Correspondingly, ETH price climbed above the 20-SMA line as soon as buying power appeared. A price above the 20-SMA meant that buyers were in charge of driving the price momentum.
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A brief relief rally started pulling buyers back into the market. Moving average convergence divergence which shows a change in price direction and similar painted signals of bullishness. MACD experienced a bullish crossover and flash green signal bar is considered as a buy signal for the coin.
Buyers can target their immediate price resistance mark soon if ETH continues to dominate. Chaikin Money Flow also reflected a recovery on the chart. The indicator shows the position of outflow and inflow of capital. At press time, the CMF was pegged to a half line representing capital inflows and outflows of equal amounts to ETH.
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