ETHUSD - TECHNICAL ANALYSIS September 30, 2017 - Current Price $304

in #ethereum4 years ago (edited)


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ETHUSD

Looking at Ethereum, in our previous ETHUSD analysis we were Bullish Above: $310 and Bearish Below: $290. ETHUSD has been quite range bound and sunk as low as $277 without ever cracking $310.

daily

On the daily time frame, we can see clearly an ascending wedge. Interesting to note the recent uptrend and subsequent decline is similar to the formations in the BTCUSD chart. An Ascending wedge is typically bearish and any tests of the lower trendline must hold in order to remain neutral.

In assessing we notice the stochastic RSI which never fully cycled and momentum has not been present enough to drive the price higher. I believe the Stochastic RSI will have to fully cycle into downtrend (oversold) and essentially reset before our next run.

Screenshot 2017-09-30 08.24.22.png

4 hour

On the 4 hour we notice some bullish moving average convergence and this is what makes ETHUSD more interesting, so while we are in a bearish chart formation, each of these moving averages which are contained within the wedge can work as a buoy to support price.

My opinion is the next test of the upper trendline resistance will result in some sell side action that drives a test of the lower trendline support. The stochastic RSI is falling from uptrend though it appears possible for another bullish cross back into uptrend on this time frame, which would deliver our upper trendline test.

Screenshot 2017-09-30 08.25.50.png

1 hour

A bullish MACD cross is about to occur on the 1 hour time frame and will drive a test of the upper resistance. Volume can negate the pattern as could a significant rally in BTCUSD. However, traders and investors should be prepared for more downside action.

Screenshot 2017-09-30 08.26.09.png

Bullish Above: $326

Bearish Below: $290

RISK TRADE: Short at upper trendline resistance test. Long if lower trendline holds and bounces on volume. Play the range.

Previous Articles:
ETHUSD
BTCUSD
XMRUSD
LTCUSD
U.S. Dollar Index

Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.

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thanks for your detailed analysis, nevertheless i believe that ETH will goo to $350 to $400 very soon because this is the fair price for ETH.
upvoted

Thanks, I personally am trading and just trying to provide the good folk on steemit some swing trade opportunities!

Wish you all the best, i do mining ethereum and i hold, never sell before, but i am thinking to trade now.
Thanks for reading my comment.

That's the best disclaimer I've ever seen--it is true and brutally honest Manage your own Risk - in other words you could lose it all and I could give a fuck.

I don't have the time for executing short term trading strategies right now but I still enjoy reading good T-A posts like this. It's interesting to see what short term traders are seeing / doing based on the charts. ETH has been an especially tricky one (for me) to predict the price movement of lately.

I hold a little bit of it and am adding on dips as mine is a more long term strategy.

hahaha thanks. I think it's important that people realize the risks of trading and investing so what better way than to be brutally honest. I also think its essential individuals understand that following anyones advice in and of itself is a risk. The most important thing is recognizing that the chartist didn't make an individual pull the trigger.

In my experience, people tend to not "own" their trades as we call it in stocks.

I very much appreciate your comment!

No problem my friend! It's nice having this diverse community and interacting with people whose content I can identify with. I agree a lot of people don't own their trades like you've noted and tend to be influenced by hype and opinions and analysis done by others.

I got my education in the crazy world of penny stocks several years ago which was like learning to swim in shark-infested waters, quickly tired of it and then moved on to trading stocks, options, ETF's, etc. I haven't really messed with trading those lately as I have a 401k that I semi-actively manage and that's about it as far as traditional securities are concerned.

Cryptos are still sort of new to me but charts and technical analysis can be applied to any market that has a certain level of liquidity. You're one of the best that I've found here to follow in regards to technical analysis and charts. Keep up the good work! See ya around :)

Penny stocks is the school of hard knocks...went from up 9k to only up 3k on a reverse merger..not the buyout I was expecting..News flash..when you hit your target start easing your position..hold a small amount for the dream :)

Penny stocks is the school of hard knocks

Yes it is! I learned this the hard way as I watched a $4k profit shrink to less than $1K in a single day because I didn't take any profits after the penny stock spiked (and then dropped).

That's a good strategy is to take the majority of your gains off the table and then leave a little bit in case you really do find a unicorn of a trade (10-100 baggers).

absolutely! I love to play for free, on a 100 bagger take out your capital -- and maybe some profits!

I really appreciate that, thank you a lot. Im still working on the best way to deliver safe setups, which is why i have started offering crtical levels rather than 4 different trade ideas!

I've added you to my steemvoter list!

Hey thanks! I'm going to update mine this weekend and I'll add you as well. I just started using it about a week ago and I like it because it helps me support people who consistently create good content even when I don't have time to go through and manually vote on it.

Exactly why i like to use it :)

you may also like to come and check out our community on discord
https://discord.gg/2uUzYJ

I think that we're starting to see the end of the bear despite the recent FUD. We had strong support from 290 to 310 yesterday. It'll be interesting to see if the FUD overshadows the metropolis branch that is expected in the next couple of weeks.

A couple weeks is a lot of time to drive the price lower. I personally ignore news and onyl trade price action. It is good to know though, an event is coming, thank you for that.... to be honest it reaffirms my short term bearishness hahah....

If you look at the daily chart, ETHUSD set a double top, this little ascnding wedge makes for a bear flag... so please be cautious.

Thank you for such good analysis. I follow you because you write really usufull info. Also I am totally agree with your current opinion about ETH.

Thank you for the comment. I love to help people and I think that providing in depth analysis individuals are not only better able to navigate but can learn about technical analysis as well!

nice info, i trust ETH will be 1.000$ on December.
Nice city shoot... thanks for share. i follow you

feel free to visit @keybelle

Upvoted. I'm going to resteem this now :]

Thanks a lot!

Thank you wapside

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Nice post uplode thank you @shahzadhaneef

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Hi! I represent the official ICO bounty program https://crypto.tickets.

We really like your activity on Steemit and I want to invite you to our automated Steemit bounty program.

You can get Stakes easily for every repost or post.

About project: https://steemit.com/@crypto.tickets /@crypto.tickets

Official bounty page https://crypto.tickets/bounty.program.en.html and bounty thread – https://bitcointalk.org/index.php?topic=2164768.msg21681052#msg21681052
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