Ethereum: USD/ETH (ETH=) Plunges Under $600

$ETH #Ethereum #Crypto #Cryptocurrencies #FX #Trading #Markets

Ethereum
Ticker: ETH=
Price: $580.78

Ethereum Outlook

Many still are not too sure what exactly happened to Ethereum and the rest of the cryptocurrency market.

Analysts say that Ethereum needs to close above the $600 region to ensure that it remains in a technically bullish position. The chart below was shared in the wake of the dump, showing that ETH is currently below key technical support levels that held for almost the entirety of the rally over the past three months.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 663.38.

The projected lower bound is: 514.97.

The projected closing price is: 589.17.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 29.7320. This is not an overbought or oversold reading. 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 49.55. 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 28 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -11.100 at 585.490. Volume was 70% below average (consolidating) and Bollinger Bands were 19% wider than normal.

Open     High     Low     Close      Volume
596.600  600.250  549.250 585.490    131,702
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period    50-period     200-period
Close:           623.47       546.24        386.67
Volatility:      60           86            78
Volume:          456,283      484,230       481,277

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 51.4% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.

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 8 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

#eth news#ethereum#ethereum forecast#ethereum news#ethereum techncial analysis#investing#shayne heffernan#trading#usd/eth