Ethereum: USD/ETH (ETH=) rallies back above $190
Ethereum has risen over 6 percent in price today, as the second-biggest cryptocurrency by market cap spiked over 5 percent in a couple of hours to hit a high of $194.
However, looking at the bigger picture, the price of Ethereum is still down over 14 percent from the token’s September 19 high of $222. But after losing 40 percent of its value to make a low of $157 on September 26, Ethereum has now surged over 18 percent since, and 13 percent in the last 3-days to hit its current price of $192.
The break-out in Ethereum’s price comes on day two (of four) of Devcon 5, Ethereum’s flagship developer conference that is currently taking place in Osaka, Japan. So far at the conference, Ethereum founder Vitalik Buterin has been telling the audience that the Ethereum network’s eventual shift to proof of stake consensus will make the project safer, and harder to attack.
In another piece of exciting conference news, 500 Devcon attendees have been helping take Ethereum mainstream, by using the new Tencent-funded, social-media app called Pepo to share 30-second videos of their time at the annual conference.
With the Devcon pump now finally here, and Ethereum back above $190, the next key resistance level for the bears to protect will be $200. Only two days at the conference to go.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 194.67.
The projected upper bound is: 217.85.
The projected lower bound is: 168.74.
The projected closing price is: 193.29.
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 25 white candles and 25 black candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
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 83.0578. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 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 56.94. 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 20 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 227.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 12 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 0.630 at 193.140. Volume was 66% below average (consolidating) and Bollinger Bands were 11% narrower than normal.
Open High Low Close Volume___
192.960 196.320 188.250 193.140 23,890
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 179.52 183.25 210.09
Volatility: 60 85 89
Volume: 71,611 73,914 66,075
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 8.1% below its 200-period moving average and is in an downward 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 bearish on ETH= and have had this outlook for the last 13 periods.