Ethereum (ETH) Closes Prior Hour Up 0.02%; in an Uptrend Over Past 14 Days, Nears 50 Day Moving Average, Price Base in Formation Over Past 90 Days

The Hourly View for ETH

Last Updated October 18, 2020, 03:015 GMT

At the moment, ETH’s price is up $0.09 (0.02%) from the hour prior. ETH has seen its price go up 8 out of the past 10 hours, thus creating some compelling opportunities for bulls. 1 Price action traders may also wish to note that we see a pin bar candlestick pattern on ETH. Given that we see an uptrend on the 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Ethereum Daily Price Recap

The end of a 4 day negative run has come for Ethereum, which finished the day prior up 0.81% ($2.95). This move happened on lower volume, as yesterday’s volume was down 68.26% from the day before — and down 60.72% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Ethereum ranked 2nd since the day prior in terms of percentage price change. The daily price chart of Ethereum below illustrates.

Ethereum Technical Analysis

Notably, 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 14 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 9 of the previous 14 trading days.