Ethereum and the rest of the crypto market have seen a notable retrace throughout the past few hours, which has come about due to Bitcoin’s weakness in the time following its plunge from highs of $24,200.
Where the entire market trends next will undoubtedly depend on Bitcoin, as it has been a guiding force for altcoins like Ethereum.
One trader is now noting that Ethereum shows some signs of independent technical weakness that may cause it to see further downside.
He specifically points to the cryptocurrency’s weekly Stoch RSI as one indicator that has nailed previous tops and is now flashing bearish once again.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 687.67.
The projected lower bound is: 541.10.
The projected closing price is: 614.39.
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 30 white candles and 20 black candles for a net of 10 white 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 43.4326. This is not an overbought or oversold reading. The last signal was a sell 3 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 55.45. 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 26 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -8.550 at 609.900. Volume was 71% below average (consolidating) and Bollinger Bands were 21% wider than normal.
Open High Low Close Volume 618.370 618.530 601.960 609.900 124,865
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 617.53 538.04 383.11 Volatility: 69 85 78 Volume: 424,940 480,632 479,048
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 59.2% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
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 6 periods.