ETH to see an uptrend further(4Hr) | Price in parallel channel

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Market in last 24hrs

  • ETHUSD saw a sideways movement with price increases and declining from the upper band
  • Price volatility was high. The market moved ~3.14% between $384.69 and $372.95

Today’s Trend analysis

  • ETHUSD expected to see an uptrend as price is rising inside the parallel channel , with the price getting lower channel support to increase further
  • Price at the time of publishing: $379.79
  • ETH’s market cap: $42.87 Billion
  • Oscillator indicators are mostly neutral. RSI at 55
  • Moving average indicators are suggesting an uptrend. Ichimoku Cloud is neutral
  • Volume indicators observed an increase in volume with price increase while a decrease in volume with the price decline

Price expected to see an uptrend as price is rising inside the parallel channel , with the price getting lower channel support to increase further. Most of the Oscillator indicators are neutral. MACD line moving above the signal line, with the histogram size decreasing in positive region suggesting bullish bias. RSI at 55, in the neutral region above the midline. CCI with a value of around 77 in the neutral region with a pullback from overbought. Another interesting point to notice here is that the volume observed an increase in volume with price increase while a decrease in volume with price decline suggesting a strengthened 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