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Ethereum: USD/ETH (ETH=) share of the entire cryptocurrency market has fallen to just 7.86 percent

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Ethereum: USD/ETH (ETH=) share of the entire cryptocurrency market has fallen to just 7.86 percent

Ethereum’s rise to over a third of the entire digital currency market by June of the same year. Early announcements from the newly-formed Enterprise Ethereum Alliance announced the interest of big companies to investors eager to realise the kind of gains early Bitcoin speculators had seen. The likes of Toyota, Delottie, and the Royal Bank of Canada joined a host of other household names and blockchain startups as members of the organisation.

At a similar time, infighting over how to scale the network plagued the Bitcoin community. This likely contributed to Ethereum’s rising share of the market as many people diversified Bitcoin holdings into other projects fearing that a new technology would usurp Bitcoin’s position at the top before the number one cryptocurrency could address its own issues.

However, the so-called “flippening” (Ethereum overtaking Bitcoin), championed by many Ethereum proponents the time, never happened. Money flowed back into Bitcoin following its successful hard fork and those not aligned with its road path departed to work on Bitcoin Cash and later Bitcoin SV. Updates from the Enterprise Ethereum Alliance also slowed down and it emerged that many companies were interested in using private versions of Ethereum. Thus their involvement in the group would be unlikely to drive prices up with the launch of some killer application as many had hoped.

What’s more, the shortcomings of the Ethereum network were very publicly demonstrated at the tail end of the 2017 too. The first truly popular decentralised application launched on the blockchain, CryptoKitties, caused such a spike in network use that it ground to a halt. Clearly, Ethereum was a long way from supporting the kind of world-changing, never-stop applications that lured many early investors to back the project.

Since then, apart from a few blips, Ethereum’s market share has gradually declined to its current point before the Enterprise Ethereum Alliance made its big announcements. The bear market years, along with a lack of meaningful updates from developers and still no world-changing applications has caused investor interest to drop significantly. The beneficiary of this drop, and those of other so-called alt-coins, has been Bitcoin, which recently rose to its highest point of market dominance in over two years.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 262.24.

The projected lower bound is: 183.67.

The projected closing price is: 222.96.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

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 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 42.1530. This is not an overbought or oversold reading. The last signal was a sell 2 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 46.23. 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 22 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 70. This is not a topping or bottoming area. The last signal was a sell 1 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 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -1.610 at 223.840. Volume was 69% below average (consolidating) and Bollinger Bands were 66% narrower than normal.

Open     High      Low     Close     Volume___
225.450 227.750 221.450 223.840 22,351
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 220.92 255.64 191.46
Volatility: 40 92 86
Volume: 53,285 71,694 57,085

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 16.9% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 0 periods.

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