Ethereum (ETH) Closes Last Hour Down $-1.27; Pin Bar Pattern Appearing on Chart, Heads Down For the 3rd Consecutive Day, in an Uptrend Over Past 90 Days

The Hourly View for ETH

Last Updated February 17, 2021, 00:017 GMT

Currently, Ethereum’s price is down $-1.27 (-0.07%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour 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 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 down 1.31% ($23.56); this denotes the 3rd consecutive day a decrease has occurred. The price move occurred on volume that was up 109.14% from the day prior, but down 18.19% from the same day the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 2nd for the day in terms of price change relative to the day prior. The daily price chart of Ethereum below illustrates.

ETH

Ethereum Technical Analysis

Volatility for Ethereum has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 7 out of the past 14 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

Over on Twitter, here were the top tweets about Ethereum:

  • From frxresearch:

    “its only defi if its on ethereum” – how is it finance if it charges you $100s and $1000s for anything that you do? its more like premier banking for VIPas it stands BSC which cost few cents per transaction is more “finance” than ETH defi will ever be or dream of

  • From HukAleksandra:

    $ADA is bouncing back, it will continue to rise as it’s undervalued. The next development stage (Goguen) is coming. Partnerships, including ones with government, new liquidity, projects that will migrate to #Cardano running away from Ethereum’s extortionate fees. Bring it on.

  • From QuintenFrancois:

    Data is the new oil. All of that will be handled by blockchain technology, likely via dapps built on Ethereum.Chainlink and the Graph will process the data and Ocean will be the market place.Just imagine what $ETH, $LINK, $GRT, $OCEAN and more will be worth in the future.

In terms of news links for Ethereum here’s one to try:

Ethereum 2.0 set to undergo first hard fork upgrade

The first Ethereum 2.0 hard fork is aimed to be a general test before introducing deeper changes….The hard fork would allow the developers to introduce several key upgrades to the recently launched Beacon Chain, which would also serve as a useful test for deeper changes in the future.