ETHUSD to see a slight uptrend(4Hr) | Support 1 point reached

Market in last 24hrs

• ETHUSD saw a downtrend with the price starting to ride the lower Bollinger band
  
• Price volatility was very high. The market moved ~25.65% between $603.96 and $480.08
  

Today’s Trend analysis

• ETHUSD expected to see a slight uptrend as the price after riding the lower band reached S1 support with Bollinger band expanding
  
• Price at the time of publishing: $514.66
  
• ETH’s market cap: $58.98 Billion
  
• Oscillator indicators are mostly neutral. RSI at 32
  
• Moving average indicators are suggesting a downtrend. Ichimoku Cloud is neutral
  
• Volume indicators observed an increase in volume with the decline in price in recent candles
  

Price expected to see a slight uptrend as the price after riding the lower band reached S1 support with Bollinger band expanding. Most of the Oscillator indicators are neutral. MACD line moving below the signal line, with the histogram size increasing in the negative region suggesting bearish bias. RSI at 32, in the neutral region below the midline. CCI with a value of around -228 in the oversold region indicating an uptrend. Another interesting point to notice here is that the volume observed an increase in volume with the decline in price in recent candles indicating strong selling pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 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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- Mudrex