ETHEUR breaks back above 50-day moving average
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Oct 17, 2020 | by Techniquant Editorial Team
ETHEUR ended Saturday at 314.71 gaining €2.38 (0.76%) on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ETHEUR as at Oct 17, 2020):
Saturday's trading range has been €5.69 (1.82%), that's far below the last trading month's daily average range of €11.47. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETHEUR.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, ETH managed to close higher but below the prior day's open, forming a bullish Harami Candle.
The market managed to close back above the 50-day moving average at 313.35. When this moving average was crossed above the last time on October 11th, ETHEUR gained 3.29% on the following trading day. After having been unable to move lower than 309.63 in the previous session, Ethereum found buyers again around the same price level today at 310.70.
ETH/EUR shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might speed up should prices move below the close-by swing low at 309.63 where further sell stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for ETH/EUR. Out of 50 times, ETHEUR closed lower 64.00% of the time on the next trading day after the market condition occurred.
With four out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 0.81% and BTCUSD closing 0.37% higher. On the flipside the worst performers have been BCHUSD closing -2.05% lower and LTCUSD losing -1.43%. Looking at the other Minor Cryptocurrencies, the winners of the day have been WAVESUSD surging 8.14% and WAVESBTC closing 7.59% higher. The worst performers of the day have been BCNUSD tanking -10.94% and BCHBTC closing -2.26% lower. Read more