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Ethereum: USD/ETH (ETH=) holders are still unlikely to be celebrating

Ethereum: USD/ETH (ETH=) holders are still unlikely to be celebrating

Ethereum is once again on the mend, after climbing from $167 yesterday up to $177.59 today. The cryptocurrency has also been on a gradual uptrend against Bitcoin (BTC) since at least September 24, climbing from a low of 0.0191 BTC/ETH up to 0.0216 ETH/BTC as of writing—equivalent to a 13% growth in the past six days.

Although Ethereum is recovering well, it is not the only cryptocurrency in the green today. Barring a few exceptions, the entire cryptocurrency market is up, though Ethereum is one of the best performers, having gained 5.5% in the last 24 hours.

Although gaining more than 5% in a single day would be impressive during a bull market, these gains are largely overshadowed by the 11.6% ether has lost since last week. Similarly, the cryptocurrency is still down more than 50% in the last three months.

Ethereum has also seen its hash rate improve somewhat after dropping off last week—recovering from a low of 191TH/s on September 24, up to 194TH/s today. However, the number of transactions processed on the Ethereum network remains in decline, having fallen from over 1 million transactions on June 24, down to just around 700,000 per day throughout September.

Overall, things are still up in the air for Ethereum, as the cryptocurrency struggles to recoup the significant losses incurred early last week.

Technical Indicators

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 197.35.

The projected upper bound is: 208.47.

The projected lower bound is: 156.68.

The projected closing price is: 182.58.

Candlesticks

A white body occurred (because prices closed higher 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 23 white candles and 27 black candles for a net of 4 black candles.

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 78.7718. This is not an overbought or oversold reading. The last signal was a sell 9 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 48.62. 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 11 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 -24. This is not a topping or bottoming area. The last signal was a buy 3 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 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 6.240 at 183.160. Volume was 55% below average (consolidating) and Bollinger Bands were 20% wider than normal.

Open     High      Low     Close     Volume___
176.890 186.390 175.610 183.160 31,111
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 178.56 185.57 208.26
Volatility: 142 88 88
Volume: 85,294 70,878 64,329

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 12.1% 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 4 periods.

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