Mudrex Price Analysis #135 Ethereum (ETH/USD) – 8th 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 saw a sudden down move from $398
  • Price volatility was very high. The market moved ~9.94%, between $398 and $362

Today’s Trend analysis

  • ETHUSD expected to consolidate further after reaching a low along with that higher lows were observed
  • Price at time of publishing: $390
  • ETH’s market cap: $44 Billion
  • Oscillator indicators are mostly neutral. RSI at 51
  • Moving average indicators are biased towards an uptrend. Ichimoku Cloud is neutral
  • Volume indicators saw a sudden increase in volume in the red candle when the price fell suggesting strong selling pressure.

Price expected to consolidate as Bollinger Band expands and higher lows were observed. Most of the Oscillator indicators are neutral. MACD histogram is negative, size decreasing in the negative region. RSI at 51, around the midline in the neutral region with a strong upmove. CCI drastically increased from -262 to -8, in the neutral region increasing upwards. Another interesting point to notice here is that there were higher lows observed with Bollinger Band expansion.

ETHUSD 4hr price chart via tradingview

Oscillator indicators

Most of the oscillators are neutral. CCI at -46, in the neutral region, saw a drastic upmove from -262. RSI around the midline around 51 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)50.94Neutral
Stochastic %K (14, 3, 3)50.72Neutral
Commodity Channel Index (20)−46.31Neutral
Average Directional Index (14)25.47Neutral
Awesome Oscillator−10.66Sell
Momentum (10)−10.26Sell
MACD Level (12, 26)0.07Sell
Stochastic RSI Fast (3, 3, 14, 14)30.61Neutral
Williams Percent Range (14)−33.59Neutral
Bull Bear Power−6.02Buy
Ultimate Oscillator (7, 14, 28)55.42Neutral

Moving Average Indicators

Moving average (MA) indicators are biased towards an uptrend. Ichimoku Cloud is neutral and Hull MA is indicating a buying 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)383.53Buy
Simple Moving Average (5)380.23Buy
Exponential Moving Average (10)385.76Buy
Simple Moving Average (10)386.62Buy
Exponential Moving Average (20)387.46Sell
Simple Moving Average (20)391.71Sell
Exponential Moving Average (30)385.17Buy
Simple Moving Average (30)391.24Sell
Exponential Moving Average (50)375.20Buy
Simple Moving Average (50)381.46Buy
Exponential Moving Average (100)346.95Buy
Simple Moving Average (100)342.38Buy
Exponential Moving Average (200)310.17Buy
Simple Moving Average (200)290.68Buy
Ichimoku Cloud Base Line (9, 26, 52, 26)383.85Neutral
Volume Weighted Moving Average (20)389.63Sell
Hull Moving Average (9)378.51Buy

Trade volume

In recent few candles, the volume saw an increase in the red candles as the price falls indicating a strong selling pressure, with the volume decreasing from 177.5k to 11.1k with the 20-candle moving average changing from 35k to 31k.

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