ETHEUR pushes through Saturday's high
Ethereum/Euro Index (ETHEUR) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETHEUR ended Sunday at 322.98 surging €8.27 (2.63%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Saturday's high at 316.39, Ethereum confirmed its breakout through the prior session high after trading up to €6.87 above it intraday.
Daily Candlestick Chart (ETHEUR as at Oct 18, 2020):
Sunday's trading range has been €9.16 (2.91%), that's slightly below the last trading month's daily average range of €11.25. 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.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on October 11th, ETHEUR gained 3.29% on the following trading day.
Prices are trading close to the key technical resistance level at 329.79 (R1).
ETH shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could accelerate should prices move above the nearby swing high at 329.79 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 309.63 where further sell stops might get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Hikkake Pattern" stand out. Its common bearish interpretation has been confirmed for ETH/EUR. Out of 148 times, ETHEUR closed lower 56.76% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more