2019-1-19 04:33 |
Given all of the recent events that have occurred on the Ethereum protocol, we’re going to take another look at its potential price trajectory.
Ethereum Price Analysis https://www.tradingview.com/x/hNWOu52k/We’re going to start out with the Ichimoku Cloud overlaid on the daily resolution for Ethereum.
As we can see from the chart above, the Tenkan-sen (conversion line) crossed below the Kijun-sen (Base line) approximately three periods ago. That’s the first bearish signal.
We can also see that the price recently crossed below Senkou Span A as well as the conversion and base lines (which both serve as MAs). In plain English, the Ichimoku is showing us that current price action is vastly underperforming prior price action.
This isn’t a terrible thing, but its usually a sign that momentum is waning. However, given the length of these periods (as well as the fact that we’re on the daily resolution), there may be some outlier data that’s being factored into these MA estimates (i.e., some price points from before the massive sell off in November).
So, we’re going to go ahead and ‘zoom in’ to the H8 resolution (dividing by a factor of three).
Ichimoku for $ETH on the H8 Resolution https://www.tradingview.com/x/sHeukHGG/Above is a picture of the Ichimoku on the H8 resolution. As one can see, the outlook shows that the price action is significantly weaker than what we were able to see on the daily resolution.
Therefore, it appears that there’s enough information to definitively state that the price’s momentum is beginning to wane slightly.
Now let’s confirm this hypothesis by taking a look at the Relative Strength Index(14).
Relative Strength Index(14) for Ethereum [Daily Resolution] https://www.tradingview.com/x/Q3d91EvR/As the picture above states, the RSI(14) on the daily resolution shows substantial declining momentum as well.
Now, let’s take a look at the Zerononcense Reversion Ribbon V2.
Zerononcense Reversion Ribbon V2 https://www.tradingview.com/x/zi2BhKFh/The picture above speaks for itself (daily resolution).
ConclusionFor the time being, we’re going to remain neutral on Ethereum. Although it appears that the price momentum is currently waning, it is difficult (borderline impossible) to state definitively that Ethereum’s immediate direction will be either bearish or bullish.
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