Ethereum [ETH] Tries To Race Towards $600 As Indicators Scream Bulls

The crypto-verse was undergoing bloodshed as all the coins were drowning deep in red. Ethereum [ETH] and Bitcoin Cash [BCH] were among those coins that did not witness much of a slump. Stellar [XLM] after witnessing a major rise was enduring a slump at the time of writing. Bitcoin [BTC] was once again at $17K as the king coin was dropping by 2.68%.

Ethereum [ETH], at press time, was trading for $540.59 with a 3.58% drop over the course of 24-hours. ETH had surged above $600 multiple times this year, however, the altcoin failed to retain itself in that zone. The second-largest coin endured several downfalls, yet it managed to stay in the second spot with a market cap of $61.96 billion. Over the last seven days, ETH recorded losses of up to 10.23%.

Ethereum [ETH] One Hour Price Chart

The one-hour price chart of ETH had formed two converging triangular lines. The upper trend line was identified by lower highs at $595.3, $577.85 as well as $568.71. This was followed by higher lows at the lower trend line at $527.37 and $537.40. The pattern formed in the above-shown chart was a symmetrical triangle pattern. The pattern was affirmed by the volume that had depreciated over time. The direction of a breakout is uncertain in the aforementioned pattern.

The indicators, however, were taking the side of the bulls. The 50 daily moving average [Blue] was seen resting above the 100 daily moving average [Orange]. A crossover like this insinuates the presence of bulls.

Ethereum [ETH] With Key Indicators

While the other assets were drowning in the red sea, ETH was reaching out to the first hand that helped the coin out of the bearish realm. The Bollinger Bands indicator was seen diverging after a brief convergence. This indicated that the ETH market was gearing up for an increase in volatility. The Awesome Oscillator was in sync with the above-used indicators as it sided the bulls with the formation of green closing bars.