Watch out for this crucial phase in ETHUSD | 4hr timeframe
Updated
Quick glance: On our previous analysis on ETHUSD , we discussed the Bears seemingly taking over. Although, the momentum was mixed, it appears that ETH might face some heat against it in the short term.
Market in the last 24hrs
ETHUSD witnessed a bit of selloff. The fall was not drastic, however the bearish momentum persisted.
Today’s Trend analysis
ETHUSD seems to be building a downtrend. Price is likely to face resistance from the BB midline. The decrease in the trading volume has not been encouraging for short term traders either. However, the narrowing channel of the Bollinger Bands suggests some stability. It could indicate a consolidation at current levels.
Price volatility remained moderate at approximately 4%, with the day's range between $2403.20 — $2499.73.
Price at the time of publishing: $2435.76
ETH's market cap: $284.44 Billion
Volumes have remained low in the past 24 hours and on a decreasing trend.
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The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
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Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Market in the last 24hrs
ETHUSD witnessed a bit of selloff. The fall was not drastic, however the bearish momentum persisted.
Today’s Trend analysis
ETHUSD seems to be building a downtrend. Price is likely to face resistance from the BB midline. The decrease in the trading volume has not been encouraging for short term traders either. However, the narrowing channel of the Bollinger Bands suggests some stability. It could indicate a consolidation at current levels.
Price volatility remained moderate at approximately 4%, with the day's range between $2403.20 — $2499.73.
Price at the time of publishing: $2435.76
ETH's market cap: $284.44 Billion
- Out of 11 Oscillator indicators, 9 are neutral, and 2 points to 'SELL' signals, and none of them present a bullish view.
- Out of 15 Moving average indicators, 13 are giving a 'SELL' signal, and only 1 is giving a 'BUY' signal.
- Indicator summary is giving a 'SELL' signal on ETHUSD for the shorter timeframe.
Volumes have remained low in the past 24 hours and on a decreasing trend.
----------------------------------------------------------------------------------------
The analysis is based on signals from 26 technical indicators, out of which 15 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
----------------------------------------------------------------------------------------
Any feedback and suggestions would help in further improving the analysis! If you find the analysis useful, please like and share our ideas with the community. Keep supporting :)
Note
Update 1: ETH clearly followed the trajectory we analysed. Right now, price has gained some momentum. However, volume continues to remain low. It is a clear example of people trying to buy the dip. If the volume shows a good jump, and price stays stable, we could expect ETH to head toward the $2700 mark. Let's wait for a confirmation on the volume first. Trade safe people :)
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