Ethereum: USD/ETH (ETH=) platform stronger like never before

Ethereum: USD/ETH (ETH=) platform stronger like never before

Currently, Ethereum is in the progress of transiting from a Proof-of-Work consensus algorithm to a Proof-of-Stake arrangement when several improvements will be made.

Chief amongst them will be the implementation of several scaling solutions that would likely cement the network as a dapp leader.

Compared to Bitcoin and the rest, developers are attracted to Ethereum and is consequently the most active from the development perspective.

Price-wise, ETH bulls are in command. Although prices remain suppressed, the main trend is bullish in the immediate term.

At the moment, prices are retesting the 20-week moving average.

If bulls overcame this critical resistance level, ETH could easily more than double as price lift-off to June 2019 highs of $365.

Technical Indicators

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 157.33.

The projected upper bound is: 187.86.

The projected lower bound is: 157.94.

The projected closing price is: 172.90.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 86.8953. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 9 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 65.62. 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 9 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 111.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 9 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 sell 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 1.400 at 172.400. Volume was 52% below average (consolidating) and Bollinger Bands were 31% wider than normal.

Open     High      Low     Close     Volume___
171.000 173.770 169.160 172.400 32,613
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 166.56 144.41 175.90
Volatility: 51 65 73
Volume: 90,076 77,466 67,617

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 2.0% below its 200-period moving average and is in an upward trend. Volatility is high 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 22 periods.

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