Ethereum: USD/ETH (ETH=) Price To Have Major ‘Moonshot’ Rally: What Does This Mean?

Ethereum: USD/ETH (ETH=) Price To Have Major ‘Moonshot’ Rally: What Does This Mean?

Yesterday, the ETH/USD had a significant boost that allowed the coin to exceed the $200 level, this momentum extending considerably as crypto continues to climb higher today. The current performance of the coin indicates the addition of an upward movement since some weeks ago. It’s just a matter of time for this coin to reach $250 level in the nearest term.

In the last two days, Ethereum has moved from $187 to $213 and at the same time moving towards the upper boundary of the channel at the time of writing. The on-going trend may move a little bit higher before the week runs out, and the coin may likely reach the nearest resistance at $230, but if the bulls put more effort, it could hit additional resistance levels at $240 and $250 respectively.

However, a bearish drop may roll the market back to the initial support level of $188. Meanwhile, the support levels to watch for are $185, $175 and $165. As the trading volume increases, the RSI (14) is extremely at the overbought zone and this could supply more bullish signals into the market.

When compared with Bitcoin, Ethereum is still trading above the 21 periods and 50 periods EMA within the ascending channel and the price is changing hands at 2189 SAT as the RSI (14) stays within the overbought zone. However, the daily chart reveals that the buyers continue to dominate the market as the pair seems to break above the channel.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 171.58.

The projected upper bound is: 235.37.

The projected lower bound is: 202.98.

The projected closing price is: 219.17.

Candlesticks

A white body occurred (because prices closed higher 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 33 white candles and 17 black candles for a net of 16 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 91.7166. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 3 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 79.67. This is where it usually tops. 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 sell 3 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 169.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 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 buy 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 4.250 at 217.370. Volume was 22% below average (neutral) and Bollinger Bands were 85% wider than normal.

Open     High      Low     Close     Volume___
213.140 220.850 210.390 217.370 60,949
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 192.92 155.44 174.22
Volatility: 67 63 70
Volume: 133,671 92,744 70,530

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 24.8% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 32 periods. Our momentum oscillator is currently indicating that ETH= is currently in an overbought condition.

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