Ethereum: USD/ETH (ETH=) likely to continue higher and it break the $190 and $192 resistance levels in the near term
In the past few days, there was a sharp rally in Ethereum above the $175 and $180 resistance levels. Later, there was a downside correction, but the price remained well bid above $175 and the 100 hourly simple moving average.
Similarly, bitcoin price rallied above the $10,000 level and recently corrected lower. However, BTC also found support and it is climbing higher again towards the main $10,000 resistance area.
The recent swing low was near $175 before Ethereum started a fresh increase. It broke the $180 and $182 resistance levels. Moreover, there was a break above the 50% Fib retracement level of the downward move from the $199 high to $175 swing low.
The price tested the $190 resistance level, where the bears are putting up a strong fight. Additionally, it seems like the 61.8% Fib retracement level of the downward move from the $199 high to $175 swing low is acting as a resistance.
Therefore, an upside break above the $190 resistance is likely to open the doors for more gains in the coming sessions. The next major resistance is near the $198 and $200 levels. An intermediate resistance is $194 or the 76.4% Fib retracement level of the downward move from the $199 high to $175 swing low.
On the downside, there are many supports near the $180 level. Besides, there is a rising channel forming with support near $183 on the hourly chart of ETH/USD. If there is a downside break, the price could test the 100 hourly SMA or the $175 support.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 188.26.
The projected upper bound is: 210.05.
The projected lower bound is: 158.68.
The projected closing price is: 184.36.
A black body occurred (because prices closed lower 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 23 white candles and 27 black candles for a net of 4 black candles.
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 64.7925. This is not an overbought or oversold reading. The last signal was a sell 17 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 54.40. 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 38 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 140.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 3 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -2.200 at 184.280. Volume was 60% below average (consolidating) and Bollinger Bands were 27% narrower than normal.
Open High Low Close Volume___
187.410 190.710 183.430 184.280 26,051
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 174.38 182.46 212.00
Volatility: 90 89 86
Volume: 47,383 68,886 66,232
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 13.1% 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 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 0 periods.
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