Ethereum Does it Again: Heads Down for the 2nd Straight Day

The Daily View for Ethereum

  • At the moment, ETH’s price is up $0.28 (0.01%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Ethereum has now gone down 4 of the past 5 days.
  • From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Ethereum. Given that we see downtrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Most noteworthy in the world of moving averages on the daily chart is that the 200 day moving average has been crossed, so that price is now turning above it. The moving averages on the daily 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’s hourly price chart is shown below.

ETH

The Daily View for Ethereum

  • At the time of this writing, ETH’s price is down $-2.83 (-0.09%) from the day prior.
  • This is the 2nd day in a row Ethereum has seen its price head down.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Ethereum. Given that we see downtrend on the 20 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily 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.
  • Divergence between ETH’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in ETH’s price.

Below is a daily price chart of Ethereum.

ETH

The Latest From ETH’s Blockchain

  • ETH has a count of active addresses of 639325, up 7.67% from its value day prior.
  • Over the past 29 weeks, the trend for ETH’s daily transaction count has been choppy and unclear. It has oscillated between 1049684 and 1467650.
  • For ETH, its average transaction value is now at 2.1922.

Featured Ethereum Idea From TradingView

Below is a trading comment entitled Ethereum Tests the mid $3K’s you may find interesting:

Ethereum has risen gradually from the low $3K handle to just below $3400. We appear to be caught in a very narrow range between our levels at $3324 and $3416. The Kovach OBV has risen slig…

quantguy