Ethereum started a strong decline after it failed to surpass $600 against the US Dollar. ETH price declined over 6% and it is now trading near the $550 level.
- Ethereum started a strong decline after it failed to clear the $600 and $602 resistance levels.
- The price broke the key $585 support and settled below the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $590 on the hourly chart of ETH/USD.
- The pair could correct higher, but it is likely to face resistance near $565 and $570.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 620.72.
The projected lower bound is: 481.39.
The projected closing price is: 551.05.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 21.0633. This is not an overbought or oversold reading. The last signal was a sell 13 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 51.13. 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 13 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 sell 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -18.370 at 547.470. Volume was 52% below average (consolidating) and Bollinger Bands were 27% wider than normal.
Open High Low Close Volume 565.840 569.950 541.360 547.470 212,004
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 588.46 483.41 358.32 Volatility: 110 85 77 Volume: 485,610 479,330 467,208
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 52.8% above 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 60 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.