ETHUSD to see a downtrend(4Hr) | Double Top Pattern observed

Market in last 24hrs

• ETHUSD saw a downtrend with the upper Bollinger band resistance
  
• Price volatility was very high. The market moved ~6.03% between $624.57 and $589.04
  

Today’s Trend analysis

• ETHUSD expected to see a slight downtrend with the price observing upper band resistance and double top pattern observed
  
• Price at the time of publishing: $594.43
  
• ETH’s market cap: $67.52 Billion
  
• Oscillator indicators are mostly neutral. RSI at 50
  
• Moving average indicators are suggesting a downtrend. Ichimoku Cloud is neutral
  
• Volume indicators observed an increase with an increase in price while a decrease in volume with a decline in price
  

Price expected to see a slight downtrend with the price observing upper band resistance and double top pattern observed. Most of the Oscillator indicators are neutral. MACD line crossed below the signal line, with the histogram size increasing in the negative region suggesting bearish bias. RSI at 50, in the neutral region, close to the midline. CCI with a value of around -55 in the neutral region with a pullback from overbought. Another interesting point to notice here is that the volume observed an increase with an increase in price while a decrease in volume with a decline in price indicating weak 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