Ethereum: USD/ETH (ETH=) price started a fresh decrease after it failed to climb above the $202 resistance
After a strong rejection near the $200 and $202 resistance levels, ETH price declined heavily against the US Dollar. There were also bearish moves in bitcoin and ripple below $10,000 and $0.2800 respectively. It opened the doors for more losses and ETH declined below the key $190 support level. Moreover, there was a break below the $188 level plus a close below the 100 hourly simple moving average.
Ethereum price tested the $180 support level and recently corrected higher. There was a break above the $185 level plus the 23.6% Fib retracement level of the recent decline from the $203 high to $180 swing low. However, the upward move was capped by the $190 resistance. Moreover, the price failed to test the 50% Fib retracement level of the recent decline from the $203 high to $180 swing low.
There is also a connecting bearish trend line forming with resistance near $190 on the hourly chart of ETH/USD. The pair is now trading well below the $190 resistance and the 100 hourly SMA. On the downside, an immediate support is near the $180 level. If there is a bearish break below $180, Ethereum price is likely to accelerate its decline towards $175 and $172.
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 221.69.
The projected upper bound is: 212.18.
The projected lower bound is: 154.74.
The projected closing price is: 183.46.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 17 white candles and 33 black candles for a net of 16 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.
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 42.5909. This is not an overbought or oversold reading. The last signal was a buy 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 35.69. 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 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 -75. This is not a topping or bottoming area. The last signal was a buy 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 sell 8 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 0.060 at 185.630. Volume was 52% below average (consolidating) and Bollinger Bands were 13% narrower than normal.
Open High Low Close Volume___
185.940 190.450 181.540 185.630 32,963
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 191.36 226.91 197.45
Volatility: 78 79 87
Volume: 56,614 65,967 58,447
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 6.0% below its 200-period moving average and is in an upward trend. Volatility is 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 4 periods.