ETHEUR finds buyers around 199.94 for the forth day in a row
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Jul 03, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ETHEUR ended the week -0.14% lower at 200.50 after losing €1.34 (-0.66%) today. Trading €1.67 higher after the open, the cryptocurrency was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on June 24th, ETHEUR lost -0.66% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ETHEUR as at Jul 03, 2020):
Friday's trading range has been €3.57 (1.77%), that's far below the last trading month's daily average range of €7.42. 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 196.76 and 207.02 where it has been caught now for the whole last trading week.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 198.88 (S1). Ethereum was bought again around 199.94 after having seen lows at 198.88, 199.61 and 198.99 in the last three trading sessions. Obviously there is something going on at that level.
Although Ether is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the nearby swing high at 207.02 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 198.88 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for ETH/EUR. Out of 251 times, ETHEUR closed higher 56.18% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.39% with an average market move of 4.73%.
With five out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are EOSUSD gaining 2.54% and XRPUSD closing 0.86% higher. On the flipside the worst performers have been ETHUSD closing -0.59% lower and BTCUSD losing -0.29%. Looking at the other Minor Cryptocurrencies, the winners of the day have been VETBTC surging 7.62% and ICXBTC closing 6.57% higher. The worst performers of the day have been BTGUSD tanking -8.19% and BTGBTC closing -5.0% lower. Read more