ETHBTC pops to highest close since October 25th

Ethereum/Bitcoin Index (ETHBTC) Technical Analysis Report for Nov 22, 2020 | by Techniquant Editorial Team


ETHBTC breaks above 50-day moving average for the first time since September 18th
ETHBTC rises to highest close since October 25th
ETHBTC unable to break through key resistance level
ETHBTC closes higher for the 3rd day in a row
ETHBTC pushes through Saturday's high


Moving higher for the 3rd day in a row, ETHBTC ended Sunday at 0.03042 gaining BTC0.00087 (2.94%) on high volume. Today's close at 0.03042 marks the highest recorded closing price since October 25th. Closing above Saturday's high at 0.02957, the market confirmed its breakout through the prior session high after trading up to BTC0.00157 above it intraday.

Daily Candlestick Chart (ETHBTC as at Nov 22, 2020):

Daily technical analysis candlestick chart for Ethereum/Bitcoin Index (ETHBTC) as at Nov 22, 2020

Sunday's trading range has been BTC0.00210 (7.11%), that's far above the last trading month's daily average range of BTC0.00119. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHBTC.

ETH managed to close above the 50-day moving average at 0.03022 for the first time since September 18th. When this moving average was crossed above the last time on September 17th, ETHBTC actually lost -1.24% on the following trading day. Unable to break through the key technical resistance level at 0.03101 (R1), ETH/BTC closed below it after spiking up to 0.03114 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.

Although Ether is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for ETH/BTC. Out of 281 times, ETHBTC closed lower 56.58% of the time on the next trading day after the market condition occurred.

Market Conditions for ETHBTC as at Nov 22, 2020

Loading Market Conditions for ETHBTC (Ethereum/Bitcoin Index)...
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