Ethereum: USD/ETH (ETH=) Stable in Mid-$180 Region as Network Activity Blossoms

Ethereum: USD/ETH (ETH=) Stable in Mid-$180 Region as Network Activity Blossoms

Ethereum’s price action has been largely guided by that of Bitcoin over the past several days, and ETH’s bulls are now showing some signs of losing strength as the crypto inches lower today. This potential bearishness comes as the crypto sees an influx of network activity and heightened trading volume.

Analysts are now noting that there is a chance Ethereum drops as low as $160 in the near term if it fails to decisively break above the upper boundary of a bullish ascending triangle that it is currently trading within.

Ethereum Stable in Mid-$180 Region as Network Activity Blossoms

At the time of writing, Ethereum is trading up just under 2% at its current price of $185.71, which marks a notable climb from its daily lows of under $180 that were set earlier today.

Ever since Bitcoin incurred its parabolic rally from lows of $7,300 to highs of $10,600, Ethereum has been closely tracking BTC’s price action, and is currently sitting below its recent highs of just under $200 that were set at the peak of the rally.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 217.24.

The projected lower bound is: 165.48.

The projected closing price is: 191.36.

Candlesticks

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 24 white candles and 26 black candles for a net of 2 black candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 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 70.8046. This is not an overbought or oversold reading. The last signal was a sell 19 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 58.23. 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 40 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 131.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 5 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 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -0.660 at 191.100. Volume was 76% below average (consolidating) and Bollinger Bands were 27% narrower than normal.

Open     High      Low     Close     Volume___
191.760 193.300 186.310 191.100 15,628
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 178.15 182.96 212.27
Volatility: 88 90 86
Volume: 49,027 68,200 66,316

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 10.0% 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 2 periods.

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