ETH Ether Price Analysis:19/06/017

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  1. zedzed

    zedzed Upcoming Mod

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    Is Ethereum finally dead?. Is ETH taking its last breaths?.


    Good
    day Jackobians


    In fact, the recent pullback on the ETH-USD market is probably one of the best and healthiest things investors and traders could have asked for. Given ether’s 300% price rise in just over a month, this pullback has a left many traders and investors bullish on the ETH-USD market.

    On a macro-scale, we can see ETH-USD had a very nice, textbook market correction along the 50% Fibonacci Retracement Line . This test of the 50% line was immediately rejected and is illustrated by the massive spike in volume .

    Looking at the micro-trend, we see the strong price rejection bounced off the 50% Fibonacci Retracement Line and is currently in the process of forming what is known as an “Inverse Head and Shoulders” pattern. This pattern gets its name simply because it has the following, easily identifiable characters:.

    This sort of pattern is often traded in FOREX and stock markets because it is seen as a reliable and predictable indication of future price movement. Typical price projections for Inverse Head and Shoulders are easily calculated with the following formula:.

    Given the strength of the macro-trend’s rejection of the 50% Fibonacci Retracement Line and the current pattern forming on the 1-hour charts, we must then look to other indicators to give us further market insight. Two commonly used momentum indicators, RSI , show us that the price increase from the initial, aforementioned 50% Fibonacci Retracement Line rejection is welcomed with a rising trend on both momentum indicators; this shows us that the price growth still has upward momentum.

    This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold.

    Ether Price Analysis: Price Movement Shows Strong Market Value

     

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    Last edited: Jun 19, 2017
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