The Hourly View for ETH

Last Updated October 21, 2020, 01:036 GMT

At the time of this writing, ETH’s price is down $-0.49 (-0.13%) from the hour prior. ETH has seen its price go down 8 out of the past 10 hours, thus creating some compelling opportunities for bears. 3 Price action traders may also wish to note that we see a doji candlestick pattern on ETH. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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

The end of a 3 day positive run has come for Ethereum, which finished yesterday down 2.79% ($10.58). As for how volume fared, yesterday’s volume was up 19.02% from the previous day (Monday), and up 18.74% from Tuesday of the week before. Out of the 7 instruments in the Top Cryptos asset class, Ethereum ended up ranking 5th for the day in terms of price change relative to yesterday. Let’s take a look at the daily price chart of Ethereum.

Ethereum Technical Analysis

The first thing we should note is that the current price of Ethereum is sitting close to its 20, 50 and 100 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Trend traders will want to observe that the strongest trend appears on the 30 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 another vantage point, consider that Ethereum’s price has gone up 18 of the previous 30 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Ethereum for the past day were:

• From BTC_JackSparrow:
  

  If you’re in ALTs it should worry you that no strength is shown in ALT/BTC pairsEthereum/ALTs are not leading, for nowETH 2.0 deposit contract is cool and all, but it’s not as if big money didn’t know this or that it was a secret at allUp in USD, down in BTC is not cool

• From JeffKirdeikis:
  

  In all the years that Ethereum has been gearing up for ETH 2.0, not a single “ETH Killer” has even come close to overtaking itEven with 400-gwei gas fees, ETH still led by a mile”ETH Killers” had their chance,
  Ethereum is going to be king for a LONG time(Same goes for BTC)

• From iamDCinvestor:
  

  Confession: despite the custody reality, I’ve converted my spot $BTC to $WBTC.The utility of being able to use my BTC for productive purposes on Ethereum is greater than my need for it to fully be censorship resistant.If I want an asset to truly do both, I always use $ETH.

In terms of news links for Ethereum here’s one to try:

Designing Ethereum | Vitalik Buterin – Bankless

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The post Ethereum (ETH) Closes Prior Hour Down -0.13%; Price Base in Formation Over Past 90 Days, 3 Day Up Streak Broken appeared first on CFDTrading.