Ethereum: USD/ETH (ETH=) Finds Strong Support at $180
At the time of writing, Ethereum is trading up marginally at its current price of $183.85, which marks a slight climb from its recent lows of $180 that were set overnight.
ETH’s sharp bounce after visiting $180 signals that there is notable support in this region, which is further supported by the fact that it has been finding support around this level in the time since it incurred a massive rally that sent it up to highs of nearly $200 last week.
In the time following this rally, the cryptocurrency has found strong resistance around the lower-$190 region, which may signal that the crypto is currently caught within a relatively tight trading range between $180 and $190.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 207.52.
The projected lower bound is: 155.24.
The projected closing price is: 181.38.
A black body occurred (because prices closed lower 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 23 white candles and 27 black candles for a net of 4 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.
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 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 34.5626. This is not an overbought or oversold reading. The last signal was a sell 21 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 51.29. 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 42 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 39. This is not a topping or bottoming area. The last signal was a sell 2 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -0.100 at 181.350. Volume was 79% below average (consolidating) and Bollinger Bands were 31% narrower than normal.
Open High Low Close Volume___
182.080 183.500 178.060 181.350 13,794
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 178.95 182.92 212.43
Volatility: 94 91 86
Volume: 50,913 68,026 66,388
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 14.6% 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 4 periods.
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