Ethereum: USD/ETH (ETH=) Dips Below $170 as Bitcoin Faces Increased Selling Pressure
At the time of writing, Ethereum is trading down over 3% at its current price of $167, which marks a slight retrace from its recent highs of nearly $176 that were set yesterday.
It is important to note that Ethereum – unlike Bitcoin and other major altcoins – has been able to post a relatively strong bounce from its recent lows that were set at under $160 earlier this past week.
In the near-term, analysts believe that ETH could climb to the upper boundary of its recently established trading range between roughly $167 and $183, but it is imperative that it bounces at its current price level or else significantly further losses could be imminent.
Although Ethereum on its own may soon incur some bullishness, it is highly probable that its near-term price action will remain strongly correlated to that of Bitcoin’s.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 196.83.
The projected upper bound is: 189.94.
The projected lower bound is: 139.04.
The projected closing price is: 164.49.
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.
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 55.1525. This is not an overbought or oversold reading. The last signal was a sell 8 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 38.30. 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 10 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 -70. This is not a topping or bottoming area. The last signal was a buy 2 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 sell 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -3.020 at 165.480. Volume was 43% below average (neutral) and Bollinger Bands were 24% wider than normal.
Open High Low Close Volume___
168.350 172.470 164.550 165.480 39,485
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 180.71 185.93 207.98
Volatility: 132 87 88
Volume: 84,677 69,775 64,047
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 20.4% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 3 periods.