Categories: Ethereum

Ethereum Price Technical Analysis: Getting Closer Down to the $170 Support Level

Click here to view original web page at all-stocks.net
Analysis

Ethereum (ETH)trade is currently trading at $172.50. As you can see in the graph below, the ETH price is trading between the channels. The next resistance level is at $182 and support level is at $170.

Long positions can be taken around the first support level, keeping the it as a stoploss. The cryptocurrency price is expected to trade between the channels for two cycles, and this can be used for swing trading.

Dow Theory

According to Dow Theory, the digital coin is currently appearing in the accumulation phase, which is an area from which the price usually shoots up, and is generally considered a great buying point.

This is the time when informed investors (experienced traders and institutions) are usually entering their long positions in the market. The price movements during the accumulation phase are tradtionally slow. The accumulation phase often falls into the end of a downtrend.

Bollinger Bands

Ethereum’s price is moving between the channels as can be seen below. The channel is expanding, indicating an increased price volatility and therefore long positions can be taken, keeping the lower limit as support.

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bearish crossover can be seen. Also, the price is moving below the moving average, indicating a downward movement. It is suggested to take long positions once the ETH price is above the moving averages.

Conclusion

Ethereum (ETH)trade is currently trading at $172.50, and as you can see above, the price is trading between the channels. The resistance level is at $182 and support at $170. Risk avoiders can take long positions once the ETH price is above the moving averages.

Swing trading can be done using the aforementioned levels. The mid-term trend looks bullish. If the price closes above $182 it can touch the $195 levels. A close below $170 can drag the price down to $154.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 129.56 146.87 159.50 176.82 189.45 206.77 219.40
Fibonacci 146.87 158.31 165.38 176.82 188.26 195.33 206.77
Camarilla 163.90 166.64 169.39 176.82 174.87 177.62 180.36
Woodie’s 127.22 145.70 157.16 175.65 187.11 205.60 217.06

Technical Indicators

Name Value Action
STOCH(9,6) 14.141 Oversold
STOCHRSI(14) 0.000 Oversold
MACD(12,26) -1.970 Sell
CCI(14) -110.6007 Sell
ATR(14) 43.7562 Less Volatility
Highs/Lows(14) -43.3891 Sell
Ultimate Oscillator 38.490 Sell
Bull/Bear Power(13) -61.4000 Sell
cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Watford FC to brand Bitcoin logo on the jersey

The initiative is being carried out as a part of a brand partnership with sports betting site Sportsbet.io. Sportsbet.io's marketing… Read More

5 hours ago

Latest Bitcoin price and analysis (BTC to USD)

At the time of writing, Bitcoin (BTC) is trading at just above $10,300 after gaining about 1% since last week.BTC… Read More

5 hours ago

Johnstone: How To Defeat The Empire

Authored by Caitlin Johnstone via CaitlinJohnstone.com, One of the biggest and most consistent challenges of my young career so far… Read More

5 hours ago

Today’s Bitcoin Drop Driven by Massive Volume Influx

Bitcoin has been facing a bout of sideways trading for the past several days, but today’s drop to below $10,200… Read More

5 hours ago

L.A. to Choose Blockchain Pilot Project at CIS Conference

With a growing interest in blockchain solutions for government, the city of Los Angeles has partnered with organizers of a… Read More

5 hours ago

Bitcoin’s heading to a new all-time high along with the S&P 500, says Fundstrat’s Tom Lee

watch nowTalk about a bitcoin bull case.The digital currency is headed to new record highs, says Tom Lee, co-founder, managing… Read More

5 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More