Ethereum: USD/ETH (ETH=) Is Breaking Out

Ethereum: USD/ETH (ETH=) Is Breaking Out

$ETH #Ethereum #Crypto #Cryptocurrencies #FX #Trading #Markets

Ethereum
Ticker: ETH=
Price: $697.52

Ethereum Outlook

Ethereum’s native currency has broken $700 for the first time in over two years. The asset has followed Bitcoin’s violent move upwards over the Christmas period.

The digital currency has performed well over the last few weeks, following the launch of Ethereum 2.0 on Dec. 1. Its value has soared by around 12% today.

The main factor for this might be the Christmas fervor surrounding Bitcoin: in the last three days, the original crypto has seen a 16% jump in price. It hit an all-time high of $25,000 on Christmas Day and has been moving upwards since then. It’s now trading at $26,796. 

ETH often follows BTC’s price movements. When BTC looks bullish, ETH and other digital currencies tend to draw liquidity soon after. Unlike BTC, though, ETH is still 50% short of its all-time high price.

The ETH:BTC ratio is currently 0.025 (back in January 2018, it topped out at around 0.1). 

Technical Indicators

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 525.31.

The projected upper bound is: 779.23.

The projected lower bound is: 629.04.

The projected closing price is: 704.14.

Candlesticks

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 32 white candles and 18 black candles for a net of 14 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 87.6567. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 68.92. 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 32 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 10.510 at 699.080. Volume was 33% below average (neutral) and Bollinger Bands were 50% wider than normal.

Open      High      Low        Close        Volume
688.650   719.850   658.230    699.080      295,022
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           639.94        564.87        395.21
Volatility:      63            85            78
Volume:          478,734       476,411       486,699

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 76.9% above 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 12 periods.

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