Home Crypto Ethereum: USD/ETH (ETH=) Significant Movement Is Expected

Ethereum: USD/ETH (ETH=) Significant Movement Is Expected

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Ethereum: USD/ETH (ETH=) Significant Movement Is Expected

Ethereum holders have already taken a beating since the ICO boom helped bring the price per ETH to as much as $1,400 each. The fall from grace represents an over 85% drop from the previous all-time high, and some skeptics suggest that some altcoins may never again reach their all-time highs – even if Bitcoin were to reach $100,000.

The sentiment surrounding Ethereum and other major cap altcoins like Ripple, have a powerful spillover effect on the rest of the market. These alts can even drag Bitcoin down with them during exceptionally bearish movements that impact the entire crypto market.

And while signs a bottom is approaching cannot be denied, most are looking toward either a double bottom or some other sort of event that wipes out the altcoin space entirely. The same crypto analyst who believes another 22% drop in Ethereum is due, also believes that “real alt capitulation” hasn’t yet begun, but will in just a matter of two more weeks from now.

Technical Indicators

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 222.96.

The projected upper bound is: 213.54.

The projected lower bound is: 155.82.

The projected closing price is: 184.68.

Candlesticks

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 18 white candles and 32 black candles for a net of 14 black candles.

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 63.9596. This is not an overbought or oversold reading. The last signal was a buy 10 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 36.12. 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 3 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 -60. This is not a topping or bottoming area. The last signal was a buy 3 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 sell 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed down -10.000 at 186.700. Volume was 62% below average (consolidating) and Bollinger Bands were 17% narrower than normal.

Open     High      Low     Close     Volume___
196.700 198.990 184.520 186.700 25,700
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 194.15 229.10 197.06
Volatility: 76 79 87
Volume: 53,583 66,178 58,277

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 5.3% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 3 periods.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.