Ethereum - 1d chart analysis
ETH is in a Rising Wedge Pattern on this 1d timeframe. A Rising Wedge Pattern is a Bearish Chart Pattern. ETH needs to invalidate this Bearish Pattern.
At the moment of typing this, ETH is still above its Bollinger Bands Middle Band Basis 20 Period SMA.
At the moment, ETH is below its Least Squares Moving Average (LSMA) on this 1d timeframe. Note that a close below the LSMA and a successful retest as resistance is a potential sell signal for this indicator.
ETH is still above its VPFR POC for the fixed range of 13 daily candle that i have selected. Note that ETH is also still above its VPVR POC for this charts visible range.
Volume is low on this Binance chart & note that the Volume Bars have been decreasing in size and also note that the last two Volume Bars have been below its Volume 20 Period Moving Average.
The Average Directional Index (ADX DI) is indicating the trend strength is strong with the ADX (Orange Line) at 27.18 and still safely above its 9 Period EMA (White Line) which is at 23.30. The +DI (Green Line) has dropped to 18.61 and the -DI (Red Line) has also dropped to 7.24. This indicates that while Positive Momentum has dropped, Negative Momentum has also dropped.
The OnBalanceVolume (OBV) is indicating positive momentum has dropped. Note that the OBV (Blue Line) has dropped below its 9 Period EMA (Orange Line) indicating a weakening of positive momentum. The OBV (Blue Line) needs to stay above the Ascending Dashed Line, if the OBV cannot stay above this line, then ETH will drop out of its Rising Wedge Pattern to the downside. If the OBV (Blue Line) breaks back above the 9 Period EMA (Orange Line) then we may see ETH invalidate the Rising Wedge Pattern.
ETH needs to invalidate the Rising Wedge Pattern. If ETH cannot invalidate this bearish pattern & if it eventually drops downwards out of the Rising Wedge, the VPFR POC and Bollinger Bands Middle Band may become a crucial support levels. If the BB Middle Band fails as support, then ETH may drop to its 50EMA level. As always, we also need to keep an eye on what BTC is doing.
It should be a very interesting week for ETH.
This is my very first Ethereum chart post, so I hope this is helpful with your Trading and Hodl-ing.
Notes:
LSMA = White dots on chart
50EMA = Yellow dots on chart
Bollinger Bands = Grey bands on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Rising Wedge = Ascending converging dashed lines on chart
Volume MA = Orange Line going through Volume Bars on chart
At the moment of typing this, ETH is still above its Bollinger Bands Middle Band Basis 20 Period SMA.
At the moment, ETH is below its Least Squares Moving Average (LSMA) on this 1d timeframe. Note that a close below the LSMA and a successful retest as resistance is a potential sell signal for this indicator.
ETH is still above its VPFR POC for the fixed range of 13 daily candle that i have selected. Note that ETH is also still above its VPVR POC for this charts visible range.
Volume is low on this Binance chart & note that the Volume Bars have been decreasing in size and also note that the last two Volume Bars have been below its Volume 20 Period Moving Average.
The Average Directional Index (ADX DI) is indicating the trend strength is strong with the ADX (Orange Line) at 27.18 and still safely above its 9 Period EMA (White Line) which is at 23.30. The +DI (Green Line) has dropped to 18.61 and the -DI (Red Line) has also dropped to 7.24. This indicates that while Positive Momentum has dropped, Negative Momentum has also dropped.
The OnBalanceVolume (OBV) is indicating positive momentum has dropped. Note that the OBV (Blue Line) has dropped below its 9 Period EMA (Orange Line) indicating a weakening of positive momentum. The OBV (Blue Line) needs to stay above the Ascending Dashed Line, if the OBV cannot stay above this line, then ETH will drop out of its Rising Wedge Pattern to the downside. If the OBV (Blue Line) breaks back above the 9 Period EMA (Orange Line) then we may see ETH invalidate the Rising Wedge Pattern.
ETH needs to invalidate the Rising Wedge Pattern. If ETH cannot invalidate this bearish pattern & if it eventually drops downwards out of the Rising Wedge, the VPFR POC and Bollinger Bands Middle Band may become a crucial support levels. If the BB Middle Band fails as support, then ETH may drop to its 50EMA level. As always, we also need to keep an eye on what BTC is doing.
It should be a very interesting week for ETH.
This is my very first Ethereum chart post, so I hope this is helpful with your Trading and Hodl-ing.
Notes:
LSMA = White dots on chart
50EMA = Yellow dots on chart
Bollinger Bands = Grey bands on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Rising Wedge = Ascending converging dashed lines on chart
Volume MA = Orange Line going through Volume Bars on chart
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