Ethereum/Bitcoin (ETH/BTC) Technical Overview 04 February 2017
Year High 0.01255 January 12 2017
Year Low 0.00787 January 2 2017
data source : CEX.io
ETH/BTC Daily Chart. Data source : CEX.io
Ethereum/Bitcoin (ETH/BTC) pair last traded at 0.01118 gained +0.00037 or +3.4% on last 24 hours. ETH had been in dense sideways channel since early of the year. The previous range bound momentum was following closely on Bitcoin sentiment but changed it course on the latest Bitcoin tally. The price felt below 200-day moving average(MA) on 01 February and touched intra-month low at 0.0104.
This level was the widest distance of the year away from Leading Span A and a double bottom formed. Yesterday sharp price reversal was currently avoiding the 200MA. ADX above 36 is showing strength of the current trend. If the ADX keep dropping towards sub-25, the upward trend could change its course back to the narrow channel trading.
The Ichimoku Kinko Hyo chart showing more negative trace. Tenkan-sen (Conversion Line) is still hovering under Kijun-sen (Base Line) and the price is below the cloud. These imply that the bearish bias is still not totally erased. Monitor Tenkan-sen line crosses on Kijun-sen could signal a possible pump. Otherwise, i am bearish bias.
Some Critical Price Levels for the Immediate Term
based on Fibonacci Retracement from highest price of the year)
Important Resistance Levels
0.01154848 (0.786 Fibonacci Retracement)
sub-0.01230 – 0.1260 (near year high price zone)
Crucial Support Levels
0.01040 – immediate support level (0.5 Fibonacci Retracement)
0.00965776 (0.382 Fibonacci Retracement)
0.00897448 (0.236 Fibonacci Retracement)
The indicators are giving inconsistance hints. So, no trade setup for now. It could another two more days for more precise price movement.
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Ethereum/USD (ETH/USD) Technical Overview 04 February 2017
Ethereum against USD (ETH/USD) pair was traded more favorably and achived a max hike of almost 6% on the previous day. However, today the bull unable to continued the uptrend further and slipped away from the day high of $11.411. The current ETH/USD price is traded $11 on the early Asian market.
Year High 11.62235 January 5 2017
Year Low 8.0 January 3 2017
data source : CEX.io
On the longer term perspective, the ETH/USD is still in consolidation trade mode after big rally earlier this year. The upswing trend is concur with the current outright USD negative momentum and robust outlook for the cryptocurrency. Ethereum is the second largest digital currency in market cap. So, its movement is closely watched and followed. From Ichimoku Kinko Hyo chart, Tenkan-sen has sneakily moved above Kijun-sen right at the moment the bull entered the market. The price gone above the cloud (gap between Senkou Span A and Senkou Span B) and the rising ADX display the emergence upswing tendency. And today i will omit the Fibonacci retracement analysis. (Nothing too serious.)
ETH/USD 4-hour Chart. Data source : CEX.io
However, there is a potential double top constructed on 11.6 which is also immediate for ETH/USD. Therefore, we could see some resistances from this level. A pull back from there could see the price fallen into 10.90 as the first major support zone. And more importantly, please take note on Tenkan-sen if it can maintain its lead and staying on top of Kijun-sen, the Ethereum could rally.
Today, it is clear the ETH will trying to break 11.6, but could the double top formation played out? Ichimoku Kinko Hyo and ADX is solid. Therefore, the overall bullish shift could zigzag ETH/USD prices toward northward direction.
The ETH/USD trade on CEX.io Showed last price at $11.36849998. The long tailed red candletick was wedged narrower compared earlier today. But the pump upward looks like just matter of time testing the double tops foramtion. And remember to put a reasonable tp:cl ratio in the trade setup.
On the SimpleFx platform, the last done price of ETH/USD at $11.008 with asking price of $13.357 at the time of writing. Try on the platform with high margin.
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Please let us know what your thoughts on this latest cryptocurrency sensation and update us if you have any insights in the comment section below.
Chart via tradingview, data source from Poloniex, CEX.io, SimpleFX and BitMEX.
The author is a self-described cryptocurrency activist. Ironically, he is not involved directly on the development and mining. But a keen trader that specifically studying and analyzing the chart and prices based on zen principles of candlesticks price action techniques. And most importantly, he is always prone to deceiving price movements that can exposes to trading losses. So trading based on his personal opinions is extremely risky and not advisable.