Ethereum: USD/ETH (ETH=) price is showing positive signs above $175
Recently, there was a solid rise in ETH price above the $175 resistance area against the US Dollar. However, bitcoin price struggled to gain momentum above the $10,500 resistance area. The recent rise in pushed Ethereum above the $180 level and the 100 hourly simple moving average. Moreover, the price traded close to the $185 level and recently started a short term downside correction.
It traded below the $180 level and the tested the 23.6% Fib retracement level of the upward move from the $165 low to $185 high. At the outset, there is a key breakout pattern forming with support near $180 on the hourly chart of ETH/USD. It seems like the price might decline a few points below the trend line support at $180. The next key support is near the $178 level and the 100 hourly SMA.
Additionally, the 50% Fib retracement level of the upward move from the $165 low to $185 high is near the $175 level to act as a support. If the price continues to slide, there are chances of a trend reversal towards the $170 support area. The 76.4% Fib retracement level of the upward move from the $165 low to $185 high is also near $170. Conversely, an immediate resistance on the upside is near the $182 level.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 196.82.
The projected lower bound is: 159.96.
The projected closing price is: 178.39.
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 18 white candles and 32 black candles for a net of 14 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 76.2658. 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 45.15. 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 8 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 68. This is not a topping or bottoming area. The last signal was a buy 8 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -0.850 at 179.260. Volume was 58% below average (consolidating) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume___
180.110 182.600 176.140 179.260 28,202
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 175.37 197.71 202.48
Volatility: 56 60 85
Volume: 62,842 61,438 59,933
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 11.5% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 17 periods.
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