Ethereum continued to push higher today as it broke past yesterday’s closing price at $1100 to reach as high as $1170. It has since dropped slightly as it battles with the resistance near $1140 – provided by a long term bearish .786 Fib Retracement level.
The coin has been making higher highs over the past month and has surged by a total of 55.5% in the past 7-days alone. On the way up, it penetrated above long term resistance at $975 (1.272 Fib Extension), $1000, and $1042 (1.414 Fib Extension) to reach the current $1140 level. It’s a 3-year high for ETH as well.
It is now just underneath 20% of its previous ATH at $1425 and could reach this level this week.
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 699.92.
The projected upper bound is: 1,343.61.
The projected lower bound is: 1,050.84.
The projected closing price is: 1,197.23.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
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 88.3504. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 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 86.57. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -0.530 at 1,183.060. Volume was 26% below average (neutral) and Bollinger Bands were 410% wider than normal.
Open High Low Close Volume 1,183.590 1,228.950 1,160.400 1,183.060 348,736
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 889.81 650.39 428.23 Volatility: 191 123 91 Volume: 565,761 507,473 507,313
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 176.3% above 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 moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 22 periods. Our momentum oscillator is currently indicating that ETH= is currently in an overbought condition.