Ethereum: USD/ETH (ETH=) likely to continue higher towards the $200 and $205 levels

Ethereum: USD/ETH (ETH=) likely to continue higher towards the $200 and $205 levels

After testing the $175 support, Ethereum started a steady rise above the $180 resistance. Moreover, there was a break above the $185 resistance and the 100 hourly simple moving average.

The price even broke the 61.8% Fib retracement level of the last drop from the $199 high to $174 low. It opened the doors for more gains above $190. The price tested the $194 area and it is currently correcting lower.

An immediate support is near the $188 level. Additionally, the 50% Fib retracement level of the recent wave from the $184 low to $193 high is also near the $188 level. More importantly, there is a new bullish trend line forming with support near $187 on the hourly chart of ETH/USD.

There is also a new bullish trend line forming with support near $187 on the hourly chart of ETH/USD. The trend line coincides with the 61.8% Fib retracement level of the recent wave from the $184 low to $193 high.

Therefore, a downside break below the $187 level might push Ethereum towards the $182 support area. The 100 hourly SMA is also near the $182 level to provide support.

On the upside, an immediate resistance is near the $195 level. A clear break above the $195 level could set the pace for more gains above the $198 and $200 resistance levels. If there are more upsides, the next stop for the bulls may perhaps be near the $205-$206 zone.

Looking at the chart, Ethereum price is clearly climbing steadily above the $188 and $190 levels. Thus, there are high chances of an upside break above the last swing high near $200. Conversely, if there is a downside correction, the price could dip towards the $188 support area. The main support is now near the $182 level and the 100 hourly SMA.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 208.70.

The projected lower bound is: 156.38.

The projected closing price is: 182.54.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black 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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 57.6703. This is not an overbought or oversold reading. The last signal was a sell 20 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 52.02. 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 41 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 57. This is not a topping or bottoming area. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -0.450 at 182.430. Volume was 80% below average (consolidating) and Bollinger Bands were 31% narrower than normal.

Open     High      Low     Close     Volume___
183.510 185.700 179.280 182.430 13,102
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 178.16 182.91 212.33
Volatility: 94 91 86
Volume: 50,160 68,087 66,363

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.

Summary

FOREX ETH= is currently 14.1% below its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. 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 3 periods.

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