Ethereum: USD/ETH (ETH=) failed to break upwards through $180

Ethereum:  USD/ETH (ETH=) failed to break upwards through $180

Ethereum: USD/ETH (ETH=) failed to break upwards through $180

Crypto markets are again turning red, as the price of Ethereum (ETH) and XRP (XRP) see 2% and 3% respective losses for the day. Both assets crashed in tandem over a 30-minute sell-off that also saw Bitcoin (BTC) plummet back to $8,000.

Ethereum’s fall to its current value of $172 comes after the cryptocurrency again failed to break upwards through $180 earlier today. This is the second time that this resistance level has held back the price, following a failed first attempt at the start of October. The cryptocurrency is also 30% down from its September 19 high of $225.

Technical Indicators

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 195.99.

The projected upper bound is: 196.90.

The projected lower bound is: 148.03.

The projected closing price is: 172.47.

Candlesticks

A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 black candles.

A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

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 46.5776. This is not an overbought or oversold reading. The last signal was a sell 12 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 42.69. 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 14 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 -34. This is not a topping or bottoming area. The last signal was a buy 6 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 sell 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -0.490 at 172.750. Volume was 73% below average (consolidating) and Bollinger Bands were 25% wider than normal.

Open     High      Low     Close     Volume___
172.500 176.900 171.420 172.750 18,674
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 172.51 184.26 208.75
Volatility: 53 84 88
Volume: 83,475 72,514 64,930

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 17.2% below its 200-period moving average and is in an downward trend. Volatility is high 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 bearish on ETH= and have had this outlook for the last 7 periods.

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