Ethereum: USD/ETH (ETH=) down close to 40% in the last six months
The past five days have seen the price of Ethereum, the second most popular cryptocurrency by market cap, experience back-to-back losses. During that time, it has fallen from well over $180, down to its current price of $147.46, losing 16% of its value.
Ethereum has seen its price fluctuate considerably during this time—with its value briefly touching as low as $135.79 earlier today, before recovering somewhat. At its current value, Ethereum has lost close to 2% since yesterday.
Looking at longer timeframes, we find that Ethereum has lost just over 16% in the last month, whereas the cryptocurrency is down close to 40% in the last six months. For comparison, Bitcoin (BTC) has lost just 6% in the last six months, whereas the price of XRP is down approximately 40% during that time.
The recent bearish momentum seen by practically all cryptocurrency markets is likely a direct result of Bitcoin falling below $8,000 for the first time since late October. This appears to have sent cryptocurrency investors into a selling frenzy. Summing it up, alternative.me’s Crypto Fear & Greed Index is now at its lowest point since August—claiming the market is now in a period of extreme uncertainty and worry.
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 175.68.
The projected upper bound is: 166.13.
The projected lower bound is: 130.06.
The projected closing price is: 148.10.
A white body occurred (because prices closed higher 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 36.2314. This is not an overbought or oversold reading. The last signal was a sell 46 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 29.86. This is where it usually bottoms. 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 67 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 -89. This is not a topping or bottoming area. The last signal was a buy 0 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 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 1.010 at 148.720. Volume was 73% below average (consolidating) and Bollinger Bands were 49% wider than normal.
Open High Low Close Volume___
147.710 150.770 144.130 148.720 17,072
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 161.68 177.65 213.55
Volatility: 63 66 83
Volume: 52,826 51,064 66,447
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 30.4% 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 moderate flows of volume out of ETH= (mildly bearish). Our trend forecasting oscillators are currently bearish on ETH= and have had this outlook for the last 6 periods. Our momentum oscillator is currently indicating that ETH= is currently in an oversold condition.