If you find the analysis useful, please like and share our ideas with the community. Any feedback and suggestions would help in further improving the analysis!
Quick glance: The crypto blue chips, Bitcoin and Ethereum, are facing a bit of selloff lately. It brought bigger troubles for the Altcoins. However, the medium to long term prospects for ETH look highly positive. The daily and the weekly time-frames both point to a massive support level below the current price. We might see some selloff in the short term. However, by the end of 2021, we might look at a massive price point for ETH.
Market in the last 24hrs
The last 24 hours witnessed a selloff across the spectrum. The entire market cap declined by almost 4%, and the traded volumes shot up. Volumes are always a great indicator to judge whether the market is influenced by a directional momentum or merely consolidating.
Today’s Trend analysis
ETH has room to decline a bit more. In both the daily and the weekly charts, we find that 0.5 Fibonacci Retracement level is a bit lower than the current price point. $3000 would be a good accumulation zone for Ether.
On the shorter timeframes of 4-hour and 1-hour, we see a couple of interesting factors. On the 4-hour timeframe, we witness the Money Flow Index heading down towards the oversold region. It will eventually bottom out, and then we would likely see an influx of buyers. It coincides with our analysis on the daily as well as the weekly timeframes.
On the hourly timeframe, we can enter into short term trading strategies following good risk:reward setups. Entry could be after a breakout from $3165, with the target at $3243, and stop loss at $3145. It is an excellent reward:risk close to 4:1.
Price volatility remained moderate at approximately 4.76%, with the day's range between $3077.81 — $3224.33
Price at the time of publishing: $3140.80 ETH's market cap: $369.56 Billion
Out of 11 Oscillator indicators, 9 are neutral, 2 are bearish and none are bullish.
Out of 15 Moving average indicators, 1 is 'NEUTRAL', 5 are bearish and 9 are bullish .
Indicator summary is giving a NEUTRAL signal on ETHUSD .
Volumes have remained pretty low in the past 24 hours. ----------------------------------------------------------------------------------------
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 4 hour candles.
Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .