Ethereum: USD/ETH (ETH=) showing positive signs above the $180 pivot level

Ethereum: USD/ETH (ETH=) showing positive signs above the $180 pivot level

Ethereum: USD/ETH (ETH=) showing positive signs above the $180 pivot level

In the past few sessions, ETH price remained well bid above the $170 support against the US Dollar. However, bitcoin price remained in a range above the $10,200 support area. Ethereum price is showing positive signs and is trading nicely above the key $175 support area. Moreover, there was a break above the $180 level and the 100 hourly simple moving average.

The last swing high was formed $186 and it is recently corrected lower. There was a break below the $182 support and the 50% Fib retracement level of the last wave from the $176 low to $186 high. Additionally, the price spiked below the $180 support level. However, the $178 level acted as a strong support. Besides, the 76.4% Fib retracement level of the last wave from the $176 low to $186 high acted as a support.

More importantly, there is a key bullish trend line forming with support at $178 on the hourly chart of ETH/USD. The trend line and $178 support could act as a strong buy zone. If there is a downside break below $178, the price could continue to move down towards the $175 level. The next key support is near the $173 level. It coincides with the 1.236 Fib extension level of the last wave from the $176 low to $186 high.

Technical Indicators

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 199.78.

The projected lower bound is: 162.99.

The projected closing price is: 181.38.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 black candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with FOREX ETH=), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

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 74.4541. This is not an overbought or oversold reading. The last signal was a sell 5 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 47.62. 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 9 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 113.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 9 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 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 2.500 at 182.100. Volume was 53% below average (consolidating) and Bollinger Bands were 51% narrower than normal.

Open     High      Low     Close     Volume___
179.250 184.550 178.240 182.100 31,418
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 176.96 197.00 202.66
Volatility: 55 60 85
Volume: 64,162 61,470 60,090

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 10.1% below its 200-period moving average and is in an downward trend. Volatility is low 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 18 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH