Ethereum: USD/ETH (ETH=) price is facing a few important resistances near $152 and $158 against the US Dollar
After a major drop in Ethereum, the $132 level acted as a decent support against the US Dollar. ETH traded as low as $132.10 and recently started an upside correction above the $140 zone.
Moreover, there was a break above the $150 level and the price spiked above the 55 simple moving average (4-hours). However, the bulls failed to clear the $158 and $160 resistance levels.
A high was formed near $158 and the price is currently trimming gains. It broke the 23.6% Fib retracement level of the upward move from the $132 low to $158 high. At the outset, the price is trading near the $148 support and the 55 simple moving average (4-hours).
Additionally, there is a major breakout pattern forming with support near $148 on the 4-hours chart. If there is a downside break below the $148 support, Ethereum is likely to resume its decline.
An immediate support is near the $144 level. Besides, the 50% Fib retracement level of the upward move from the $132 low to $158 high might act as a support.
If the bulls fail to protect $144, there is a risk of an extended decline towards the $138 support. It represents the 76.4% Fib retracement level of the upward move from the $132 low to $158 high.
The main support is near the $132 swing low, below which the price could decline towards $124. Conversely, the price could rally above the $150 and $152 resistance levels.
The first key resistance is near the $158 level, above which the price is likely to accelerate gains towards the $162 and $165 levels in the coming days.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 171.48.
The projected upper bound is: 160.11.
The projected lower bound is: 128.05.
The projected closing price is: 144.08.
A black body occurred (because prices closed lower 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 22 white candles and 28 black candles for a net of 6 black candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 14.1592. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 29.57. This is where it usually bottoms. 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 buy 7 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 -98. This is not a topping or bottoming area. The last signal was a buy 8 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -2.980 at 144.750. Volume was 58% below average (consolidating) and Bollinger Bands were 24% wider than normal.
Open High Low Close Volume___
147.730 148.870 143.100 144.750 26,207
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 150.04 172.27 211.01
Volatility: 34 60 77
Volume: 65,849 52,737 66,013
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 31.4% below its 200-period moving average and is in an downward 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 bearish on ETH= and have had this outlook for the last 14 periods. Our momentum oscillator is currently indicating that ETH= is currently in an oversold condition.