Ethereum: USD/ETH (ETH=) Is Number Two… And Gaining

Ethereum: USD/ETH (ETH=) Is Number Two… And Gaining

Ethereum: USD/ETH (ETH=) Is Number Two… And Gaining

While ETH is nowhere near the price of bitcoin (and probably never will be), it’s easy to focus all of one’s attention of the globe’s primary digital asset while pushing all others to the side. At the time of writing, Ethereum is up to roughly $143 – a price spike of nearly four percent over the last 24 hours.

Last month, the currency underwent what’s known as the Istanbul update, and many experts believe Ethereum will prove far more scalable in the long run. This is big news, especially considering the co-founder of the currency – Vitalik Buterin – recently commented that the Ethereum blockchain was no longer scalable due to the amount of congestion and traffic it was facing.

Ethereum has long been sought after for its abilities with smart contracts. As a result, it gives rise to many new tokens, along with many of the industry’s leading decentralized applications (dApps). However, this has taken something of a negative turn in that the blockchain has far too much activity going at once. Thus, Ethereum users have been subjected to slow transaction times and high gas fees.

The Istanbul update brought about six unique changes to the Ethereum blockchain, one being the lowering of gas prices.

In addition, consulting firm Ernst & Young also released a new Ethereum-based tool last month known as Nightfall. The system seeks to fix many of the problems associated with public blockchains, including lessened confidentiality.

Company blockchain lead Paul Brody comments:

Even before this announcement, we’ve seen a huge shift in interest by Fortune 500 companies towards public blockchains. I’ve been particularly astonished by how many of our clients tell us they already know about Zero Knowledge Proofs when we start talking about how we can make public blockchains safe from a privacy and security perspective… It takes six to nine months to go from tools and components… into production [but] you’ll see things from us sooner as we’ve known what was coming for some time.

Many Coins Seem To Be Doing Well

In the meantime, Ethereum is joined by several other leading cryptocurrencies which all seem to be enjoying strolls through green territory. At press time, bitcoin cash (BCH) is up nearly three percent over the past day and is now trading for over $240, while Litecoin (LTC), EOS (EOS) and Binance Coin (BNB) are all enjoying spikes of one to three percent.

Other top 20 cryptocurrencies, however, seem to be running short of luck. Recently, we reported that Ripple’s XRP had incurred an 11 percent spike, but now the world’s third-largest cryptocurrency by market cap appears to be falling south, having incurred a near-three percent drop over the past day.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 152.06.

The projected lower bound is: 126.09.

The projected closing price is: 139.07.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 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 60.2854. 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 54.45. 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 buy 22 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 95. This is not a topping or bottoming area. The last signal was a sell 0 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 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 0.790 at 139.780. Volume was 45% below average (neutral) and Bollinger Bands were 33% narrower than normal.

Open     High      Low     Close     Volume___
138.980 141.420 138.430 139.780 31,841
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 135.28 139.83 188.80
Volatility: 48 58 76
Volume: 68,384 65,838 65,664

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 26.0% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 3 periods.

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