ETHEUR dominated by bulls lifting the market higher throughout the day
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for May 27, 2020 | by Techniquant Editorial Team
ETHEUR finished Wednesday at 189.10 gaining €5.81 (3.17%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 187.99, ETH confirmed its breakout through the prior session high after trading up to €1.35 above it intraday.
Daily Candlestick Chart (ETHEUR as at May 27, 2020):
Wednesday's trading range has been €6.12 (3.34%), that's below the last trading month's daily average range of €9.96. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHEUR. Prices continued to consolidate within a tight trading range between 179.85 and 193.76 where it has been caught now for the whole last trading week.
Even with a weak opening Ether managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on May 12th, ETHEUR gained 5.50% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Ethereum managed to close back above the 20-day moving average at 186.45. ETH/EUR ran into sellers again today around 189.34 for the third trading day in a row after having found sellers at 187.99 in the prior session and at 188.99 two days ago.
The cryptocurrency shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 193.76 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 179.85 where further sell stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/EUR. Out of 80 times, ETHEUR closed lower 65.00% of the time on the next trading day after the market condition occurred.
With seven out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are BTCUSD gaining 4.07% and LTCUSD closing 3.74% higher. None of the markets ended the day in the red. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 18.45% and LTCGBP closing 5.65% higher. The worst performers of the day have been XVGBTC tanking -10.42% and ARDRBTC closing -7.38% lower. Read more