Mudrex Price Analysis #134 Ethereum (ETH/USD) – 7th August 2020

This is ETHUSD daily price analysis, provided by Mudrex (automated crypto investing platform). This analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4 hr candles.

You can find price analysis from previous days on blog here and on Tradingview here.

Analysis Summary

Market in last 24hrs

  • ETHUSD consolidatedafter rejecting from 400
  • Price volatility was low. The market moved ~2.88%, between $400 and $389

Today’s Trend analysis

  • ETHUSD expected to see an uptrend as Bollinger Band squeeze suggests a breakout
  • Price at time of publishing: $394
  • ETH’s market cap: $44 Billion
  • Oscillator indicators are mostly neutral. RSI at 56
  • Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
  • Volume indicators indicates that the volume increased for red candles indicating a strengthened selling pressure.

Price expected to see an uptrend as Bollinger Band squeezes suggesting a Breakout. Most of the Oscillator indicators are neutral. MACD histogram is negative, increasing in the negative region. RSI at 56, still above the midline in the neutral region with a downmove. CCI dropped drastically to -2, in the neutral region decreasing downwards. Another interesting point to notice here is that there were lower highs observed.

ETHUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at -2, in the neutral region with a downmove. RSI above the midline around 56 in the neutral region.

Definition:- Oscillator indicators are based on market’s property that what goes up must come down. Reversion to the mean is one of the most fundamental properties of any market. Oscillators are predictive in nature, specifying future price momentum.

Relative Strength Index (14)56.03Neutral
Stochastic %K (14, 3, 3)43.43Neutral
Commodity Channel Index (20)1.79Neutral
Average Directional Index (14)22.85Neutral
Awesome Oscillator6.34Neutral
Momentum (10)−4.84Buy
MACD Level (12, 26)5.60Sell
Stochastic RSI Fast (3, 3, 14, 14)3.43Neutral
Williams Percent Range (14)−65.63Neutral
Bull Bear Power0.37Neutral
Ultimate Oscillator (7, 14, 28)50.17Neutral

Moving Average Indicators

Moving average (MA) indicators are biased towards an uptrend. Ichimoku Cloud is neutral and Hull MA is indicating a selling opportunity.

Definition:- Moving Average indicators are lagging indicators that help catch trends when they are beginning to take effect. The idea is to buy when the trend is moving up and sell when the trend is falling.

Exponential Moving Average (5)395.24Sell
Simple Moving Average (5)395.40Sell
Exponential Moving Average (10)395.35Sell
Simple Moving Average (10)396.47Sell
Exponential Moving Average (20)392.50Buy
Simple Moving Average (20)394.26Buy
Exponential Moving Average (30)387.10Buy
Simple Moving Average (30)390.86Buy
Exponential Moving Average (50)373.57Buy
Simple Moving Average (50)374.80Buy
Exponential Moving Average (100)342.59Buy
Simple Moving Average (100)334.18Buy
Exponential Moving Average (200)305.78Buy
Simple Moving Average (200)286.04Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)393.54Neutral
Volume Weighted Moving Average (20)394.36Sell
Hull Moving Average (9)394.37Sell

Trade volume

In recent few candles, the volume saw an increase in the red candles as the price falls indicating a strengthen selling pressure.

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