ETHUSD to move sideways(4Hr) | Price inside bands, Higher highs

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Market in last 24hrs

  • ETHUSD saw an uptrend and getting a rejection from the upper band later on
  • Price volatility was very high. The market moved ~5.21% between $394.55 and $375

Today’s Trend analysis

  • ETHUSD expected to see a decline and get support from the midline to consolidate further as the price was trading inside the bands with higher highs being observed followed by rejection from upper band
  • Price at time of publishing: $386.7
  • ETH’s market cap: $43.5 Billion
  • Oscillator indicators are mostly neutral. RSI at 57
  • Moving average indicators are suggesting an uptrend. Ichimoku Cloud is neutral
  • Volume indicators observed an increase as the price increased and saw a decrease as the price declined

Price expected to see a decline and get support from the midline to consolidate further as the price was trading inside the bands with higher highs being observed followed by rejection from the upper band. Most of the Oscillator indicators are neutral. MACD line crossed moving above the signal line, with the histogram size decreasing in positive region suggesting bullish bias. RSI at 60, in the neutral region above the midline. CCI with a value of around 94 in the neutral region with a pullback from the overbought region. Another interesting point to notice here is that the Bollinger band expansion taking place and volume observed an increase as the price increased and saw a decrease as the price declined to indicate a strengthening buying pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

DM to get details of the above analysis and list of indicator & their values used to arrive at the above conclusion.

Note: Above analysis would hold true if we do not encounter sudden jump in trade volume .

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– Mudrex