Ethereum: USD/ETH (ETH=) Price Could Surge 100% To $260, Popular Analyst Predicts
Ethereum (ETH) celebrated the new year by being up 1.28%, but the second day of 2020 had erased those gains as the current price of the second most popular crypto is back from where it opened yesterday.
Ethereum, which has recently been crowned by Decrypt as the most profitable investment of the decade after Bitcoin (BTC), is continuing its slide that began at its peak price of 2019 of about $364. The falling wedge pattern that Manu Naik of AMB Crypto highlighted in his post on Christmas day is still in play, and the trading price of $128, as of press time, is hovering at the lower trend line.
Some analysts, including Naik, see a likelihood that ETH will see a bounce this year. For Scott Melker, who goes by The Wolf Of All Street on Twitter, and a trader whose analysis NewsBTC cited, $120 is a good spot for ETH. He even tweeted on Tuesday that Ethereum is better than Bitcoin at the moment.
Melker’s showed an ETHUSD chart, where he highlighted key support areas for Bitcoin’s price against Ethereum’s from a resistance level 0.022592 down to a support level of near 0.01610. The 0.01756 line that he denoted using a thick blue line represents a support area that price has bounced off on and maybe poised to start a little push to the upside.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 138.40.
The projected lower bound is: 112.74.
The projected closing price is: 125.57.
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 21 white candles and 29 black candles for a net of 8 black 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 27.3917. This is not an overbought or oversold reading. The last signal was a buy 29 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 40.42. 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 buy 16 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 -61. This is not a topping or bottoming area. The last signal was a sell 3 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 10 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -1.510 at 126.730. Volume was 88% below average (consolidating) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume___
128.240 128.240 126.480 126.730 6,672
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 128.76 144.55 193.05
Volatility: 48 56 76
Volume: 51,771 59,648 64,706
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 34.4% below its 200-period moving average and is in an downward 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 bearish on ETH= and have had this outlook for the last 3 periods.