Ethereum: USD/ETH (ETH=) price seems to be struggling to clear the $134 and $135 resistance levels
After struggling to stay above the $140 level, Ethereum price started a downside correction against the US Dollar. ETH price topped near the $142 level and it traded below the $135 support area.
Besides, it broke the $130 level and the 55 simple moving average (4-hours). The price tested the $124 zone and it is currently correcting higher. There was a break above the $130 zone.
The bulls pushed the price above the 50% Fib retracement level of the downward move from the $143 swing high to $123 swing low. However, the price seems to be facing a strong barrier near the $134 and $135 levels.
The 61.8% Fib retracement level of the downward move from the $143 swing high to $123 swing low is also acting as a resistance. It seems like there is a major contracting triangle forming with resistance near $134 on the 4-hours chart.
If there is an upside break above the key $134 and $135 resistance levels, there are chances of more upsides in the coming sessions. An initial resistance is near the $142 level. The next resistance on the upside is near the $152 and $155 levels.
Any further gains could lead the price towards the $168 level in the near term. Conversely, the price might fail to move above the $135 zone and it could slide below $130 and $124. The next major support is near the $120 level, below which it could revisit the $110 level.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 177.33.
The projected lower bound is: 85.09.
The projected closing price is: 131.21.
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 21 white candles and 29 black candles for a net of 8 black candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 38.6912. This is not an overbought or oversold reading. The last signal was a buy 17 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 41.36. 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 12 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 28. 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 9 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -1.070 at 133.000. Volume was 141% above average (neutral) and Bollinger Bands were 64% narrower than normal.
Open High Low Close Volume___
134.090 135.700 130.200 133.000 646,352
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 132.98 196.82 174.88
Volatility: 94 166 105
Volume: 429,494 391,354 155,281
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 23.9% 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 31 periods.