Ethereum: USD/ETH (ETH=) Starts Showing Upside Potential
ETH has recovered slightly from the downward selling pressure over in the past three months, but it is still early to call the bottom. Right now, the asset is fluctuating in a range and looks likely to break lower unless new volume arrives.
At this point, analysts view charts as rather uncertain, and not entirely promising of a bullish move. Ethereum has remained mostly depressed and is overdue for a move against Bitcoin (BTC).
ETH traded at $176.50, though selling has depressed the price and the $200 range has been abandoned for good. But now, trading volumes remain relatively high at $10 billion in 24 hours, sparking hopes of more active trading.
More than $1 billion flows into ETH markets from Tether (USDT), and above $770 million from the BTC markets. But this heightened activity is yet to push the price upward, as ETH is going through another transition period with doubts regarding the effect of proof-of-stake and ETH 2.0.
For now, the Ethereum market price looks confusing, with the potential to find a new direction. But with BTC rallying, altcoins are still hesitant for bigger gains.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 159.56.
The projected upper bound is: 198.79.
The projected lower bound is: 167.95.
The projected closing price is: 183.37.
A black body occurred (because prices closed lower 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 30 white candles and 20 black candles for a net of 10 white candles.
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 88.7386. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 12 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 70.08. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 12 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 179.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed down -2.290 at 182.630. Volume was 71% below average (consolidating) and Bollinger Bands were 12% wider than normal.
Open High Low Close Volume___
185.150 186.900 181.710 182.630 19,783
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 170.65 146.57 174.96
Volatility: 46 67 71
Volume: 82,553 79,062 67,627
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 4.4% above its 200-period moving average and is in an upward 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 bullish on ETH= and have had this outlook for the last 25 periods. Our momentum oscillator is currently indicating that ETH= is currently in an overbought condition.