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

Long
COINBASE:ETHUSD   Ethereum / U.S. Dollar
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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Comments

I didn't expect this much correction to be honest. By my calculations, it should be back at the previous ceiling by 7 days. But now, I doubt that.
Reply
seems like we are in pullback mode, not correction,
but still more downside remains over next few days.
Reply
ich1baN ProjectSyndicate
@ProjectSyndicate, hard to say b/c a pullback is based more on ovebought conditions. This selloff was based on users on OKex not being able to withdraw their funds for 4 weeks, so when they opened the door, they all fled for the exits.... this is a local risk that brought prices down everywhere and shouldn't be a long term trend.
Reply
Do you think the price goes back to 595 because I bought it last night for 595 ETH :(
Reply
Maxi035 shahranghasemi7
@shahranghasemi7, you only loose money when you cash out beneath your buying price. Meaning, have patience! As Warren Buffet once said: The stock market is a device for transferring money from the impatient to the patient. This also counts for the Crypty market :)
Reply
@Maxi035, I will wait, even for a whole year, wait
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If you find the analysis useful, please like and share our ideas with the community as well as follow to stay updated with new ideas!
Reply
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .
Reply
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