Ethereum: USD/ETH (ETH=) Value Also Up 3.5%

Ethereum: USD/ETH (ETH=) Value Also Up 3.5%

Ethereum: USD/ETH (ETH=) Value Also Up 3.5%

If “hodlers” are banking on a Santa Clause rally, then this is not it yet for Bitcoin (BTC). But for the time being, it will do.

The largest crypto by market cap has registered new gains as it sets itself up for the coming week. From dipping near $6,400 on Dec. 18, Bitcoin is back at $7,500 and is almost trading close to $7,600, as of press time.

Among the crypto market, BTC is not the only one to post gains — Ethereum (ETH), the second most popular cryptocurrency, was also up by about 3.5 percent in the past 24 hours. Coindesk prices show that Ethereum traded at a low of $126.59 and climbed to a high of $131.68 on Sunday. The altcoin currently trades at $130.45. 

All of the top 20 cryptos — with the exception of Tezos (XTZ) — recorded medium gains. This comes after the entire market was in the red last week because of a report about a Chinese Ponzi scam that dumped billion dollars worth of cryptos in exchanges so scammers can cash out.

However, even as ETH is poised to finish the day on the positive side, it still is $10 away from its original price before the news came out that caused it to dip 10 percent. Bitcoin, on the other hand, has more than recovered much of what it lost in the crypto market drop.

Still, most analysts expect BTC to fall before its scheduled halving sometime in May next year. Even billionaire venture capitalist Tim Draper broadcasted his comments that Bitcoin should be at these levels based on technical analysis data. Although he couldn’t provide more details about what the charts say, he is confident that BTC will reach a price of $250,000 by 2022.

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 157.50.

The projected upper bound is: 144.33.

The projected lower bound is: 118.48.

The projected closing price is: 131.40.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 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 70.2393. This is not an overbought or oversold reading. The last signal was a buy 18 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 38.85. 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 5 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 -28. This is not a topping or bottoming area. The last signal was a buy 2 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX ETH= closed up 0.480 at 132.380. Volume was 43% below average (neutral) and Bollinger Bands were 12% narrower than normal.

Open     High      Low     Close     Volume___
130.120 135.510 129.900 132.380 34,623
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 131.74 157.52 199.95
Volatility: 79 54 76
Volume: 59,768 57,311 65,244

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 33.8% below its 200-period moving average and is in an downward 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 bearish on ETH= and have had this outlook for the last 33 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

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