Ethereum Market Analysis – ETH/USD on 15-Jun-2019

Crypto Algo Trading

Ethereum Market Analysis – ETH/USD on 15-Jun-2019

Trading

Ethereum Market Analysis: Key Levels

  • Short term
  • Supports—> S1: 230  &  S2: 215
  • Resistances—> R1: 280  &  R2: 290
  • Medium/Long term
  • Supports—> S3: 200  &  S4: 180
  • Resistances—> R3: 300  &  R4: 320

Ethereum Market Analysis: Potential Scenario

Ethereum Market Analysis: Ethereum has been ranging for the last 30 days. It has been moving between R1, $280, and S1, $230, showing volume spikes every time that the price tested these two areas. Ranges are usually interpreted as “no trade zones” since the price doesn’t follow a specific trend. Currently, the price is approaching the upper band, if it breaks it and makes a low-volume retracement, there might be opportunities to take long positions.

M

TA comment

The indicator OBV measures the volume growing along with the price, therefore, increasing every time that there is more volume in a market that is pushing up the price. In Cryptohopper, we added an OBV moving average to give the user the possibility to generate buy or sell signals based on this indicator. As you can see in the chart, when the OBV line (blue) crosses up its moving average (purple) a buy signal will be generated.

Pattern

In the chart, the system spotted the pattern Unique 3 River once the price tested the lower band of the range. It is a bullish reversal pattern represented by 3 candles. During a downtrend, the first candle is decreasing and has a long body, is followed by a red hammer with a long lower wick that sets a new minimum. The third candle has a short body, short wicks and doesn’t make any new low or high. Therefore, it would have signaled a buy-in that region.

Ethereum is an open source, public, blockchain-based distributed ledger platform and operating system featuring smart contracts for achieving the various objectives. It supports a modified version of Nakamoto consensus involving proof-of-work and proof-of-stake via transaction-based state transitions. Ether is a cryptocurrency whose blockchain is generated by the Ethereum platform.

BlockAlpine provides Algo trading advisory and guidance.

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