Ethereum: USD/ETH (ETH=) Consolidates Alongside Bitcoin
After facing some downwards pressure yesterday, Ethereum (ETH) has been able to post a decent climb today that has allowed it to further establish its current foothold within the mid-$180 region. This price action has been strikingly similar to that of Bitcoin, and it does appear that the two assets are strongly correlated at the present.
One prominent analyst is now noting that he anticipates Ethereum to continue consolidating until Bitcoin begins moving, but any decisive break above its near-term resistance could allow it to post significantly further gains in the near-term.
Ethereum Consolidates Alongside Bitcoin
At the time of writing, Ethereum is trading up over 2% at its current price of $186.26, which marks a notable surge from its daily lows of $179.9 that were briefly visited yesterday, although the crypto sharply bounced after touching this price level.
Ethereum has been closely tracking Bitcoin’s price action over the past several days, and it appears that this correlation is strengthening as both crypto’s extend their current bout of consolidation.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 210.89.
The projected lower bound is: 159.64.
The projected closing price is: 185.27.
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 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 57.0916. This is not an overbought or oversold reading. The last signal was a sell 25 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 53.88. 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 46 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 62. This is not a topping or bottoming area. The last signal was a sell 6 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 10 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -0.910 at 185.540. Volume was 70% below average (consolidating) and Bollinger Bands were 30% narrower than normal.
Open High Low Close Volume___
186.070 188.290 183.090 185.540 19,598
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 184.70 182.55 212.71
Volatility: 50 89 86
Volume: 51,765 66,865 66,548
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 12.8% below its 200-period moving average and is in an upward trend. Volatility is low 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 8 periods.