Ethereum: USD/ETH (ETH=) follow the positive events that will affect BTC’s price
Like its most popular peer in Bitcoin (BTC), Ethereum (ETH) is also trading higher since the start of the year, albeit falling short to some predictions. Last month, some analysts forecasted that ETH would be worth $240 five days ago, but resistance at $180 had it fall short, succumbing to $164 as of press time.
However, another crypto analyst isn’t giving up hopes on a rally for Ethereum. This analyst’s bet is fixed at $335 — a hundred percent higher than its current price. Satoshi Flipper, who has a 39K following on Twitter, tweeted on Saturday, “Raising my #Ethereum target to $335$ETH/USDT.”
Satoshi Flipper’s reason for betting ETH’s price to double in value is the positive fundamental factors that are presumed to buoy BTC’s prices will trickle down to the rest of the crypto market, especially to Ethereum.
BTC, of course, will undergo its third halving in May, and that’s seen as a highly bullish event. The first up to the second halving boosted Bitcoin’s price to 5,333 percent, and if that is translated from the second to the third halving, BTC’s price would be at $33,000 by July, according to one trader.
About the halving, Satoshi Flipper had this to say, “A year with a halving alone in it tells me we’re going to have a bullish year. A volatile and bullish year. Common sense tells me so.”
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 156.23.
The projected upper bound is: 182.78.
The projected lower bound is: 153.29.
The projected closing price is: 168.03.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 38.2441. This is not an overbought or oversold reading. The last signal was a sell 2 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 65.82. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 2 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 64. This is not a topping or bottoming area. The last signal was a sell 2 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 28 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 0.620 at 167.650. Volume was 63% below average (consolidating) and Bollinger Bands were 80% wider than normal.
Open High Low Close Volume___
166.860 169.170 165.190 167.650 24,310
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 162.83 141.81 180.30
Volatility: 88 65 74
Volume: 102,639 74,583 67,025
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX ETH= is currently 7.0% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of ETH= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 15 periods.