Ethereum: USD/ETH (ETH=) Falls Below $210 After a 1% Cut

Ethereum:  USD/ETH (ETH=) Falls Below $210 After a 1% Cut

Ethereum: USD/ETH (ETH=) Falls Below $210 After a 1% Cut

Ethereum (ETH) seems to have halted its growth movement and in the last 24 hours, it has been hit by a 1% decline in the value. The current price is roaming around 208 USD, well below its previous comfort of 210 USD. It has shown five major price shifts in this period.

Ethereum Price Analysis:

Ethereum opened the day at 215 USD and it soon fell by 3.71% to reach 207 USD by 04:24 UTC. It was followed by a hike of 2.79% over the next 3 hours and 38 minutes; it placed the value at 213 USD. However, ETH could not last long above 210 USD and in the next 12 hours from 08:02 UTC, it lost 7.11 USD to touch 206.13 USD.

The fourth swing of ETH happened between 20:02 UTC and 23:51 UTC; this swing added 5.78 USD and pushed the overall value to 211.91 USD by 23:51 UTC. Since then, the value is on a slope; it has fallen by 1.70% and is currently being traded around 208 USD. Current price and 20 days MA are below 50 days MA, and it shows an overall weakened position of ETH as of now.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 219.82.

The projected lower bound is: 180.83.

The projected closing price is: 200.32.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 black candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 19.3727. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 2 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 53.50. 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 4 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 9. 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 21 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -4.440 at 200.940. Volume was 62% below average (consolidating) and Bollinger Bands were 2% wider than normal.

Open     High      Low     Close     Volume___
204.850 205.530 197.820 200.940 26,654
Technical Outlook 
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 207.80 192.42 207.09
Volatility: 65 64 83
Volume: 78,040 65,785 62,398

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 3.0% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 bullish on ETH= and have had this outlook for the last 11 periods.

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