Ethereum (ETH) Price Near $375.91; Crosses 50 Day Moving Average, Heads Up For the 2nd Consecutive Day, Price Base in Formation Over Past 90 Days

The Hourly View for ETH

Last Updated October 19, 2020, 01:036 GMT

At the time of this writing, ETH’s price is up $0.28 (0.07%) from the hour prior. ETH has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on ETH. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 100 hour changed directions on ETH; it is now pointing up. 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 yesterday up 2.69% ($9.91); this denotes the 2nd consecutive day an upward move has occurred. The change in price came along side change in volume that was up 22.58% from previous day, but down 12.88% from the Sunday of last week. On a relative basis, yesterday was pretty good: Ethereum bested all 7 of the assets in the Top Cryptos class 🙂 Let’s take a look at the daily price chart of Ethereum.

ETH

Ethereum Technical Analysis

Moving average crossovers are always interesting, so let’s start there: Ethereum crossed above its 50 day moving average yesterday. 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 9 out of the past 14 days.