Ethereum: USD/ETH (ETH=) Fails to Break Above Critical BTC Resistance Level

Ethereum: USD/ETH (ETH=) Fails to Break Above Critical BTC Resistance Level

Ethereum: USD/ETH (ETH=) Fails to Break Above Critical BTC Resistance Level

Ethereum and the aggregated crypto markets have been able to incur some tempered bullishness today after facing notable selling pressure over the past couple of days, but analysts are still weary of where ETH and other altcoins will head in the near-term.

Importantly, one prominent analyst is noting that Ethereum has failed to break above the critical resistance level that lies directly above its price, which could mean that significantly further losses against its BTC trading pair are imminent.

Ethereum Climbs Slightly but Further Losses Could be Imminent

At the time of writing, Ethereum is trading down marginally at its current price of $184.40, which marks a slight climb from its daily lows of $180 that were set yesterday as the aggregated crypto market expressed significant weakness.

In the near-term it is imperative that bulls push the cryptocurrency higher, as it appears that $183 is its critical near-term support level, with a break below this level potentially leading it to drop significantly lower in the near future.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 208.49.

The projected lower bound is: 159.11.

The projected closing price is: 183.80.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 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 lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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 28.2070. 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 50.81. 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 24 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 28. This is not a topping or bottoming area. The last signal was a sell 2 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 buy 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 2.710 at 183.810. Volume was 63% below average (consolidating) and Bollinger Bands were 54% narrower than normal.

Open     High      Low     Close     Volume___
183.880 184.500 176.330 183.810 25,510
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 181.66 182.62 210.99
Volatility: 68 85 89
Volume: 63,057 73,404 66,555

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 12.9% below its 200-period moving average and is in an downward 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 bearish on ETH= and have had this outlook for the last 17 periods.

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