Ethereum: USD/ETH (ETH=) price is facing an increase in selling pressure
After a decent upward move above $190, Ethereum struggled to continue higher against the US Dollar. As a result, ETH started a downward move and broke the $190 support area.
Furthermore, there was a break below the $188 support area and the 100 hourly simple moving average. More importantly, this week’s major bullish trend line was breached with support near $189 on the hourly chart of ETH/USD.
The price is now trading near the $185 support area, with a few bearish signs. Additionally, it is trading above the 23.6% Fib retracement level of the recent decline from the $195 high to $185 swing low.
An immediate resistance is near the $188 level. Moreover, there is a connecting bearish trend line forming with resistance near $188 on the same chart. If there is an upside break above the trend line, Ethereum could test the $190 resistance area.
Besides, the 50% Fib retracement level of the recent decline from the $195 high to $185 swing low is also near the $190 level. Therefore, a successful break above the $188 and $190 resistance levels is must for a fresh increase in the near term.
On the downside, an immediate support is near the $185 level. If there is a bearish break and close below the $185 support area, the price may perhaps accelerate its decline below $184 and $182. The next key support is near the $180 level. Any further losses could lead the price towards the $175 level.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 210.31.
The projected lower bound is: 160.94.
The projected closing price is: 185.62.
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 21 white candles and 28 black candles for a net of 7 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 58.6314. This is not an overbought or oversold reading. The last signal was a sell 28 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 53.49. 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 49 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 33. This is not a topping or bottoming area. The last signal was a sell 1 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 13 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 0.080 at 186.300. Volume was 81% below average (consolidating) and Bollinger Bands were 26% narrower than normal.
Open High Low Close Volume___
186.300 188.290 183.260 186.300 12,543
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 185.28 181.02 212.96
Volatility: 40 87 86
Volume: 49,270 64,815 66,617
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.
FOREX ETH= is currently 12.5% 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 11 periods.