Ethereum: USD/ETH (ETH=) Rally Could Extend To $188
After forming a support base above the $130 level, Ethereum price started a fresh increase against the US Dollar. ETH price broke the key $150 resistance to move into a positive zone.
There was a close above the $158 level and the 55
simple moving average (4-hours). Earlier, there was a break above a key
contracting triangle with resistance near $142 on the 4-hours chart. The
price surged above the $165 resistance and tested the $175-$176 region.
A
new monthly high is formed near $176 and the price is currently
correcting gains. It traded below the $172 and $170 levels. An initial
support is seen near the $168 level. It coincides with the 23.6% Fib
retracement level of the recent rally from the $140 low to $176 high.
If
there is a downside extension below the $168 support, the price could
continue to move down towards the $158 support level. It is also close
to the 50% Fib retracement level of the recent rally from the $140 low
to $176 high.
Any further losses may perhaps lead ether price towards the $150 support. The main uptrend support is now forming near the $148 level.
On the upside, an initial resistance is near the $172 level. The key hurdle for the bulls is near the $175 level, above which the price is likely to surge above $180. The next major barrier is seen near the $188 level.
Technical Indicators
Overall, the bias in prices is: Downwards.
The projected upper bound is: 209.80.
The projected lower bound is: 126.76.
The projected closing price is: 168.28.
Candlesticks
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 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 79.3985. This is not an overbought or oversold reading. The last signal was a buy 25 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 59.80. 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 20 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 181.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 11 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 17 period(s) ago.
Rex Takasugi – TD Profile
FOREX ETH= closed up 7.260 at 170.500. Volume was 49% below average (consolidating)(neutral) and Bollinger Bands were 43% narrower than normal.
Open High Low Close Volume___
163.240 174.640 162.250 170.500 170,673
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 146.53 178.51 172.60
Volatility: 88 163 106
Volume: 855,273 462,610 186,037
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 1.2% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into ETH= (mildly bullish). Our trend forecasting oscillators are currently bullish on ETH= and have had this outlook for the last 4 periods.
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