Ethereum: USD/ETH (ETH=) outperforming bitcoin
Since the beginning of 2020 Ethereum has outperformed bitcoin. In just three weeks the world’s second most popular crypto asset has surged 33% while its big brother has made just over 20%.
Since the weekend’s minor pullback ETH prices have been building slowly higher, reaching $170 a few hours ago and holding there.
The next major resistance point is just above $180 where the 200-day moving average sits, and beyond that is the psychological $200 barrier.
If current momentum continues a golden cross between the 50 and 200 day moving averages could occur by the end of January. The last time this happened was in early April 2019 and a 133% surge followed over the next two months.
Longer-term technical signals are also turning bullish. The weekly MACD has crossed for the fourth time in history as noticed by this ETH trader.
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 156.68.
The projected upper bound is: 178.97.
The projected lower bound is: 149.36.
The projected closing price is: 164.17.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white 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 31.9882. This is not an overbought or oversold reading. The last signal was a sell 4 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 60.47. 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 4 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 36. This is not a topping or bottoming area. The last signal was a sell 4 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 30 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -3.660 at 163.790. Volume was 66% below average (consolidating) and Bollinger Bands were 65% wider than normal.
Open High Low Close Volume___
167.450 167.900 163.500 163.790 22,488
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 167.21 142.60 178.97
Volatility: 91 65 74
Volume: 100,425 74,774 66,998
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 8.5% below its 200-period moving average and is in an upward trend. Volatility is high 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 17 periods.
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