Ethereum: USD/ETH (ETH=) Runs Towards $190

Ethereum: USD/ETH (ETH=) Runs Towards $190

Ethereum: USD/ETH (ETH=) Runs Towards $190

After a long period of trading sideways within the mid-$180 region, Ethereum (ETH) has now begun to incur significant upwards momentum that has pushed it up to $190, which is where it faces some notable resistance that could ultimately push its price lower in the near-term.

Analysts are now noting that this resistance level could halt Ethereum’s rally and possibly lead it to drop significantly lower in the near-term.

Ethereum Runs Towards $190

At the time of writing, Ethereum is trading up over 2% at its current price of $190, which marks a notable climb from its daily lows of $184 that were set during a fleeting sell off experienced by the cryptocurrency yesterday.

It is important to note that Ethereum is currently pushing up against the price level at which it was rejected at in late-October, which sparked a sell-off that sent it down to the lower-$180 region.

This upwards movement has come about while Bitcoin continues to trade sideways in the lower-$9,000 region, which is squarely in the middle of the trading range that it has been caught within for the past several days and weeks.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 217.21.

The projected lower bound is: 167.20.

The projected closing price is: 192.21.

Candlesticks

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 22 white candles and 28 black candles for a net of 6 black candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 83.3993. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 26 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 58.81. 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 47 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 130.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 1.970 at 192.610. Volume was 66% below average (consolidating) and Bollinger Bands were 23% narrower than normal.

Open     High      Low     Close     Volume___
190.150 195.200 185.650 192.610 21,874
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 185.82 182.24 212.83
Volatility: 46 88 86
Volume: 52,964 66,284 66,639

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.

Summary

FOREX ETH= is currently 9.5% below its 200-period moving average and is in an upward 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 bullish on ETH= and have had this outlook for the last 9 periods.

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