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Potential 7% up move in sight for ETHUSD| 4H analysis

Long
BITSTAMP:ETHUSD   Ethereum / U.S. Dollar
Quick glance: In our previous analysis on ETHUSD , we discussed about the crucial phase for ETHUSD . Right now, it is moving in a descending channel and there seems to be very little resistance till $2600.

Market in the last 24hrs
The last 24 hours were quite a roller coaster ride. All the major cryptos witnessed a sell-off and then bounced back.

Today’s Trend analysis
ETHUSD seems to be moving in a descending channel . The lower band of BB and the trend line support pushed ETH higher. In case we do not witness another crazy sell-off in the market, the $2600 level looks achievable pretty soon.

Price volatility remained moderate at approximately 4%, with the day's range between $2359.22 — $2461.51.

Price at the time of publishing: $2426.76
ETH's market cap: $282.44 Billion


  • Out of 11 Oscillator indicators, 9 are neutral, and 1 is bearish , and 1 is giving a bullish signal.

  • Out of 15 Moving average indicators, 13 are bearish , and only 1 is bullish .

  • Indicator summary is bearish for ETHUSD for the shorter timeframe.

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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Comments

Thanks for your analysis! I just also made one for Bitcoin because after all it is the leader. Second is Ethereum and they are switching qua performance with fear as the biggest factor.
In Bitcoin but also here in Ethereum, there is a perfect 1 month inverted HS formation and the neckline has just been tested. A textbook HS formation. More bullish stuff, we saw Whales stepping in with buy orders some days ago. In my opinion with option experation they want to have BTC higher to stop out the shorters. Maybe also even a shortsqueeze. Look at some days ago, It was looking bearish and then suddenly a mssive spike and a move upwards from 10 %. This market is controlled by the big funds and they push the buttons and decide where this market is going. That is why intraday works but is very tricky. 4 hour charts and more have less noise.
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I see yet another H&S forming – right shoulder nearly complete
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Mudrex rmsutton
@rmsutton, that's a great observation. hmm, things looking pretty interesting now
+1 Reply
Mudrex Mudrex
@Mudrex, what do you reckon is likely now>
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rmsutton Mudrex
@Mudrex, crypto is a strange space. If this were the Bitcoin chart I'd say we're going for a ride south. However, Ethereum (and many other alts) have a tendency to following the king (BTC) – despite how bearish Ethereum looks it can flip on a dime the moment BTC decides to rally.
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Yeah, what was that all about . In 2 minutes it jumped and went straight down. I have never witnessed that before!
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Mudrex LaSombra1978
@LaSombra1978, pump and dump, I guess? trade safe, mate :)
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