ETHUSD - 1D Chart Analysis
Based on a trading volume which is constantly decreasing, the price of Ethereum has dropped with 11.17% so far, just like all of the major crypto currencies.
For now, there are 3 indicators which have registered "oversold" positions and are indicating a possible "correction" of the price :
* The RSI is 23;
* The lower standard deviation of the Bollinger Bands is reached;
* Both MA of the Stochastic are below the level of 20, awaiting for a crossover which will indicate that the price may change it's direction.
However, as long as the trading volumes will continue the decrease and also the MACD line will stay below the Signal one, an advanced reading of the chart will be the one in which the we consider that the RSI, the Stochastic and the Bollinger Bands are indicating just a short term slow down of the price (or sideways movement), followed by a continuation of the drop.
As a possible target price we can consider the Support Level 1 of 145$.
For now, there are 3 indicators which have registered "oversold" positions and are indicating a possible "correction" of the price :
* The RSI is 23;
* The lower standard deviation of the Bollinger Bands is reached;
* Both MA of the Stochastic are below the level of 20, awaiting for a crossover which will indicate that the price may change it's direction.
However, as long as the trading volumes will continue the decrease and also the MACD line will stay below the Signal one, an advanced reading of the chart will be the one in which the we consider that the RSI, the Stochastic and the Bollinger Bands are indicating just a short term slow down of the price (or sideways movement), followed by a continuation of the drop.
As a possible target price we can consider the Support Level 1 of 145$.
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