Ethereum: USD/ETH (ETH=) Bulls Keep Running

Ethereum: USD/ETH (ETH=) Bulls Keep Running

Ethereum: USD/ETH (ETH=) Bulls Keep Running

Over the weekend Ethereum hit a high of $230 according to Tradingview.com, this is its highest price since early August, six months ago. Since the beginning of this year, less than six weeks ago, Ethereum has made an impressive 77%, outperforming its big brother by almost double.

The world’s second most popular digital asset appears to have found resistance at this level and is holding ground over $200 for now. It is likely to pullback though if bitcoin does and could find strong support around the $190 level if the correction is a severe one.

The weekly close was another healthy green candle but it has marked the longest weekly run in the green for almost three years. ETH has had seven weekly green candles in a row, three were dojis, but still green.

Those were much steeper however with one candle in the first week of 2018 representing a gain larger than all seven of the past weeks combined.

Nevertheless Ethereum appears to be slowly pulling itself out of a two year bear market but only a sustained move above the resistance at $300 will confirm the uptrend. ETH really needs to reclaim $400 to be considered truly bullish.

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 181.80.

The projected upper bound is: 237.34.

The projected lower bound is: 204.93.

The projected closing price is: 221.14.

Candlesticks

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 33 white candles and 17 black candles for a net of 16 white candles.

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 72.6562. This is not an overbought or oversold reading. The last signal was a sell 0 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 74.40. 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 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 81. This is not a topping or bottoming area. The last signal was a sell 0 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 12 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -3.350 at 219.290. Volume was 15% above average (neutral) and Bollinger Bands were 132% wider than normal.

Open     High      Low     Close     Volume___
222.440 225.450 217.820 219.290 98,023
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 209.86 163.02 174.34
Volatility: 66 62 70
Volume: 181,064 104,033 73,014

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 25.8% above 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 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 36 periods. Our momentum oscillator is currently indicating that ETH= is currently in an overbought condition.

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