ETHUSD to see sideways movement | Midline resistance expected

Market in last 24hrs

• ETHUSD saw a slight uptrend after getting the lower band
  
• Price volatility was very high. The market moved ~12.16% between $538.49 and $480.08
  

Today’s Trend analysis

• ETHUSD expected to see a sideways movement as the price has got lower band support and thereby expected to increase until getting midline resistance and fall
  
• Price at the time of publishing: $5147.87
  
• ETH’s market cap: $59.14 Billion
  
• Oscillator indicators are mostly neutral. RSI at 38
  
• Moving average indicators are suggesting a downtrend. Ichimoku Cloud is neutral
  
• Volume indicators observed an increase in volume with the decline in price followed by a decrease in volume with an increase in price
  

Price expected to see a sideways movement as the price has got lower band support and thereby expected to increase until getting midline resistance and fall. 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 38, in the neutral region below the midline. CCI with a value of around -74 in the neutral region. Another interesting point to notice here is that the Bollinger band is expanding and volume observed an increase in volume with the decline in price followed by a decrease in volume with an increase in price indicating weak buying 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