Ether Price Analysis: Bullish Momentum Appears to Be Waning


Ether Price Evaluation: Bullish Momentum Seems to Be Waning

The market is fighting to make new highs, and bullish momentum loss’ signs are seen quite clearly on the RSI and MACD.

  • Figure_4 (1).JPGFigure 4: ETH-USD, 4-Hour Candles, Bitfinex, Macro Ascending Wedge

    Three indications of fatigue are observable in the values:

    1. Whether the industry is interested in a move to lower values remains to be seen. But there are a couple things clear: the total market volume is diminishing to higher values, and the RSI and MACD on both micro and macro scales are currently showing bullish momentum loss.
      A breakdown in price in the market could cause a sustained market on the macro scale.The MACD and RSI momentum divergence is observable within a bearish pattern known as an “Ascending Wedge.” Currently, the sector is attempting to break to the bottom of the wedge and shows moderate signs of sell volume increasing upon the point. A sustained breakdown of this pattern would give an approximate price goal of the low values that are $ 300.
      We’ll have to observe the quantity trend in correlation to know whether the downward movement is a movement or merely a service evaluation. Volume growth inside a downward movement indicates greater interest in the values that are reduced, and confidence in higher values.

      Released at Fri, 25 Aug 2017 21:47:15 +0000
      RSI divergence
      A breakdown of this rising wedge might have a price target in the $250-260 range. Again, when confirming the trend breakdown, it is a great idea to watch the quantity reduce the risk of a market fakeout and to confirm a trend.
      Even though the high of the market was in the top $ 400s, my personal view is that it’s ideal to view the industry starting within the values that are $360. This price range represents the industry acceptance of this bear market. Currently, new local highs are being pushed by ether on volume. ETH-USD spent a few weeks before breaking out to $ 340 consolidating around the range.

      MACD divergence
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  • Currently, the candle trend has yet to have a breakdown of the pattern and is testing the lower boundary of a wedge that is rising.

    Early in the summer, the entire crypto market took a continuing, downward movement that left ETH-USD falling in value by approximately 60 percent. At the beginning of the bear market, ether’s price was found lows bottoming out in the $ 130s and $ 360. As of today, ETH-USD market price is in the mid $330s, and the quantity reveals no signs of new investment interest:

  • Price growth on volume
  • Let us first take a look at the trend market indicators and then zoom in to the timescales:

Zooming in to the candle trend, we see further signs of fatigue that is bullish:

A sustained movement on the trend could lead to a test of a macro trend on the timescales. Like the candle fad, an Ascending Wedge is also shown by the candle trend: