Ethereum: USD/ETH (ETH=) price is currently struggling to climb above $178 and $180 against the US Dollar
Ethereum price is showing a few bearish signs versus the US Dollar, while bitcoin is declining. ETH price could bounce back as long as the $170 support holds.
Ethereum Price Analysis
Yesterday, we saw a decent recovery in Ethereum above the $175 resistance against the US Dollar. More importantly, bitcoin price gained traction and climbed above the $8,200 resistance area.
However, BTC failed to stay above the $8,220 and $8,000 level. It is currently declining, dragging Ethereum and ripple lower.
Recently, ETH price spiked above the $178 level, but it failed to continue higher. As a result, there was a fresh decline and the price declined below $175. A low was formed near $171.55 and the price is currently correcting higher.
t recovered above the 23.6% Fib retracement level of the recent decline from the $178 high to $171 swing low. At the moment, it is consolidating near the $175 resistance and the 100 hourly simple moving average. Besides, it seems like the 50% Fib retracement level of the recent decline from the $178 high to $171 swing low is acting as a resistance.
If there is an upside break above the $175 resistance, the price could recover towards the $178 resistance area. Having said that, a clear break above the $178 and $180 resistance levels is must for a steady rise in the near term.
On the downside, there are many supports near the $172 and $170 levels. Additionally, there is a short term bullish trend line forming with support near $172 on the hourly chart of ETH/USD. If there is a downside break below the trend line, the price could even decline below the $170 support.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 198.62.
The projected lower bound is: 150.35.
The projected closing price is: 174.49.
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.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 61.8810. This is not an overbought or oversold reading. The last signal was a sell 11 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 46.05. 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 32 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 -63. 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 sell 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 0.490 at 174.590. Volume was 72% below average (consolidating) and Bollinger Bands were 52% narrower than normal.
Open High Low Close Volume___
174.100 176.050 171.290 174.590 18,766
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 176.51 182.61 211.89
Volatility: 48 83 85
Volume: 46,821 70,731 66,461
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 17.6% below 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 25 periods.
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