Ethereum: USD/ETH (ETH=) price climbed higher steadily and broke the $215 resistance area
Ethereum price is struggling to continue higher versus the US Dollar, while bitcoin broke $10,000. ETH price is likely to bounce back as long as it is above the $210 support.
Ethereum Price Analysis
In the past few hours, Ethereum price climbed higher steadily above $210 against the US Dollar. The ETH/USD pair broke the key $215 resistance level to post a new weekly high. Moreover, there was a close above the $210 level and the 100 hourly simple moving average. Finally, the price traded towards the $220 level, where sellers emerged and protected more gains.
More importantly, bitcoin price climbed higher and recently broke the $10,000 resistance level. After topping near the $220 level, ETH price corrected lower. It traded below the $215 support level to move away from the uptrend. Moreover, there was a break below an ascending channel with support at $216 on the hourly chart of ETH/USD. The pair tested the 50% Fib retracement level of the upward leg from the $204 low to $220 high.
However, the decline was protected by the $210 support level and the 100 hourly SMA. Additionally, the 61.8% Fib retracement level of the upward leg from the $204 low to $220 high is also near the $210 level to provide support. Therefore, the $210 level might play an important role in the next move. As long as the price is above the $210 level, there could be a fresh upward move.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 239.72.
The projected upper bound is: 255.61.
The projected lower bound is: 176.23.
The projected closing price is: 215.92.
A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 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 45.2812. This is not an overbought or oversold reading. The last signal was a buy 18 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 40.95. 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 15 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 -9. This is not a topping or bottoming area. The last signal was a buy 2 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 1.380 at 216.700. Volume was 31% below average (neutral) and Bollinger Bands were 36% narrower than normal.
Open High Low Close Volume___
215.260 219.430 209.970 216.700 49,286
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 213.78 261.00 187.88
Volatility: 40 92 86
Volume: 61,693 71,967 56,638
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 15.3% above its 200-period moving average and is in an downward trend. Volatility is low 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 bearish on ETH= and have had this outlook for the last 19 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.