Ethereum: USD/ETH (ETH=) Surges Towards $180 as Bitcoin Consolidates

Ethereum:  USD/ETH (ETH=) Surges Towards $180 as Bitcoin Consolidates

Ethereum: USD/ETH (ETH=) Surges Towards $180 as Bitcoin Consolidates

At the time of writing, Ethereum is trading down marginally at its current price of $177.80, which marks a slight rise from its daily lows of $174 that were set overnight.

Ethereum is currently trading significantly off of its recent highs of over $220 that were set in mid-September, although it is also important to note that it has recovered from its recent lows of under $160 that were set concurrently with Bitcoin’s drop to $7,800.

Despite this potential bearish divergence, other analysts are noting that bulls have a chance to reverse the recent downtrend and propel Ethereum higher in the near-term, but only so long as it climbs above $181 before the daily close later today.

Technical Indicators

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 196.00.

The projected upper bound is: 202.68.

The projected lower bound is: 153.91.

The projected closing price is: 178.30.

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 24 white candles and 26 black candles for a net of 2 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 (which appears to be the case with FOREX ETH=). It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend, 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.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 63.7021. This is not an overbought or oversold reading. The last signal was a sell 11 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 46.04. 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 13 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 -20. This is not a topping or bottoming area. The last signal was a buy 5 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 9 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 0.910 at 178.500. Volume was 58% below average (consolidating) and Bollinger Bands were 22% wider than normal.

Open     High      Low     Close     Volume___
176.940 182.120 175.870 178.500 29,114
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 172.26 184.64 208.62
Volatility: 140 84 88
Volume: 85,587 72,635 64,816

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 14.4% below its 200-period moving average and is in an downward 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 bearish on ETH= and have had this outlook for the last 6 periods.

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