Ethereum (ETH) Price Near $376.96; Heads Up For the 3rd Straight Day, Price Base in Formation Over Past 90 Days, Pin Bar Pattern Appearing on Chart

By October 20, 2020Ethereum
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The Hourly View for ETH

Last Updated October 20, 2020, 11:15 GMT

At the time of this writing, ETH’s price is up $0.28 (0.07%) from the hour prior. The hourly chart shows that ETH has seen 3 straight up hours. 3 The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Ethereum Daily Price Recap

Ethereum closed the day prior up 0.26% ($0.97); this denotes the 3rd straight day an increase has occurred. The change in price came along side change in volume that was up 113.29% from previous day, but down 30.78% from the Monday of last week. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 6th since the day prior in terms of percentage price change. Below is a daily price chart of Ethereum.


Ethereum Technical Analysis

The first thing we should note is that the current price of Ethereum is sitting close to its 20 and 50 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Price action traders in particular will want to note that the 90 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 6 out of the past 10 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:

  • From RyanSAdams:

    It’s happening.We’re now in the era where new projects are launching on Ethereum rollups and sidechains instead of mainchain.This will be a major trend heading into 2021.This is how Ethereum scales

  • From Pentosh1:

    In the next 72 hours the official @Ethereum handle on twitter will be announcing the contract address for staking during Phase 0. Which will lead to a further reduction in available supply. Don’t let the short term price movements shake out you of the bigger picture.

  • From iamDCinvestor:

    There’ll be 2 types of firms which become prominent in Ethereum:1) Those who glean influence from value they create & actively support the ethos of decentralization2) Those who seek power through wealth & act extractivelyWe MUST remain on-guard against #2. More are coming.

As for a news story related to Ethereum getting some buzz:

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Last Updated October 20, 2020, 11:15 GMT

At the time of this writing, ETH’s price is up $0.28 (0.07%) from the hour prior. The […]

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