Home Crypto Ethereum: USD/ETH (ETH=) following the bearish trend started by Bitcoin

Ethereum: USD/ETH (ETH=) following the bearish trend started by Bitcoin

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Ethereum: USD/ETH (ETH=) following the bearish trend started by Bitcoin

Ethereum has suffered one of its steepest falls of the year, crashing below $160 in what has been the worst week for the crypto market in months.

After a brutal five-day drop in which ETH went from $220 to $166 per token, a brief bullish correction sparked the optimism of several scalpers and day traders when the token woke up and reached $175 yesterday.

However, the bulls failed to hold on to their dominance, and the token continued its bearish trend, reaching a low of $151 today, according to data from Trading View.

This is Ethereum’s lowest price since May. What’s more, the token had not experienced such a steep drop since mid-June, when it went from $343 to $274 per token.

While market analysis cannot alone give a completely satisfactory answer for this unusual slide, everything seems to indicate that the market is following the bearish trend started by Bitcoin on Tuesday, when it began to fall below $10,000 to eventually break under the $8000 zone today.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 189.60.

The projected lower bound is: 138.25.

The projected closing price is: 163.93.

Candlesticks

A white body occurred (because prices closed higher 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 21 white candles and 29 black candles for a net of 8 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.

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 34.9403. This is not an overbought or oversold reading. The last signal was a sell 5 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 36.35. 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 7 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 -110.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 5 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 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 1.000 at 165.000. Volume was 48% below average (neutral) and Bollinger Bands were 17% wider than normal.

Open     High      Low     Close     Volume___
163.830 168.320 161.470 165.000 36,538
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 194.07 188.26 207.39
Volatility: 131 87 88
Volume: 82,901 67,800 63,228

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 20.4% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 0 periods.

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