Ethereum: USD/ETH (ETH=) in a Decisive Move, Attempts a Rally above $200
Interestingly, Ethereum has made a positive impact and pushed into the earlier price range.
About two days ago, the bulls couldn’t break above the resistance at $160. The price has successfully breached the resistance as the coin reached a high of $172. Ether is approaching the overhead resistance at $173.
Ethereum will attain a high of $197 if the bulls overcome the initial hurdle at $173. At the same time, the same momentum must be maintained as the upward move continues. On the contrary, if the coin is repelled at the first resistance, ETH will fall and revert to the $160 low. Nonetheless, a negative situation will arise, if the $160 low also cracks.
Ethereum Indicator Analysis
Ethereum‘s price has moved up which is reflected in the Relative Strength Index period 14 level 72. At this level, the coin is said to be in the overbought region of the market. Consequently, sellers will come in to push the price downward. The EMAs have a bullish crossover indicating that the coin will rise.
What Is the Next Direction for Ethereum?
There is no doubt that Ethereum has moved out of the downtrend zone. Ethereum is approaching the $180 resistance level. A successful breakout above $180 will catapult the coin to resume the uptrend. In the absence of a breakout, ETH may fluctuate within the price zone. Meanwhile, indicators are showing an upward direction of the coin. We should all concentrate on the $180 whether the resistance will be breached or not.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 155.69.
The projected upper bound is: 180.22.
The projected lower bound is: 150.69.
The projected closing price is: 165.45.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white 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 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 60.8306. This is not an overbought or oversold reading. The last signal was a sell 1 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 64.01. 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 1 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 61. This is not a topping or bottoming area. The last signal was a sell 1 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 27 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -0.600 at 165.150. Volume was 11% below average (neutral) and Bollinger Bands were 79% wider than normal.
Open High Low Close Volume___
164.800 167.650 163.130 165.150 57,838
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 160.24 141.39 180.88
Volatility: 89 65 74
Volume: 103,268 74,454 66,960
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 8.7% below its 200-period moving average and is in an upward 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 moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 14 periods.